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Pizza Inc. reported the following balances: December 31 Inventory 5,200,000 Accounts payable 1,500,000   January 1 Inventory 5,800,000 Accounts payable 1,000,000   The entity paid suppliers P9,800,000 during the current year.   What amount should be reported as purchases under the accrual basis? A. 10,300,000 B. 9,800,000 C. 9,300,000 D. 10,800,000

Pizza Inc. reported the following balances: December 31 Inventory 5,200,000 Accounts payable 1,500,000   January 1 Inventory 5,800,000 Accounts payable 1,000,000   The entity paid suppliers P9,800,000 during the current year.   What amount should be reported as purchases under the accrual basis? A. 10,300,000 B. 9,800,000 C. 9,300,000 D. 10,800,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pizza Inc. reported the following balances:

December 31

Inventory 5,200,000

Accounts payable 1,500,000

 

January 1

Inventory 5,800,000

Accounts payable 1,000,000

 

The entity paid suppliers P9,800,000 during the current year.

 

What amount should be reported as purchases under the accrual basis?

A. 10,300,000
B. 9,800,000
C. 9,300,000
D. 10,800,000

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