Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000

1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...
See similar textbooks
icon
Related questions
Question
1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000
Transcribed Image Text:1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Notes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS