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Problem 1: Milkmaid, Inc. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Milkmaid had P600,000 cash basis pretax income for 2014. The following information pertains to Milkmaid for the years ended December 31, 2014 and 2013:
2014 2013
Accounts Receivable P400,000 P200,000
Accounts Payable 150,000 300,000
Under the accrual method, what should Milkmaid report in its December 31, 2014 income statement as pretax income?
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