ABC Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its customers during the year. Damalaerio had P100,000 in Accounts receivable at the beginning of the year, and P180,000 in Accounts receivable at the end of the year. The company also had P40,000 and P50,000 of allowance for bad debts at the beginning and at the end of the year, respectively. What is ABC Corp's Sales Revenue under accrual basis of accounting assuming that company had sales discount amounting to P50,000 and sales returns (all before collections) amounting to P70,000. 1,480,000 1,530,000 1,550,000 1,600,000
ABC Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its customers during the year. Damalaerio had P100,000 in Accounts receivable at the beginning of the year, and P180,000 in Accounts receivable at the end of the year. The company also had P40,000 and P50,000 of allowance for bad debts at the beginning and at the end of the year, respectively. What is ABC Corp's Sales Revenue under accrual basis of accounting assuming that company had sales discount amounting to P50,000 and sales returns (all before collections) amounting to P70,000. 1,480,000 1,530,000 1,550,000 1,600,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its customers during the year. Damalaerio had P100,000 in Accounts receivable at the beginning of the year, and P180,000 in Accounts receivable at the end of the year. The company also had P40,000 and P50,000 of allowance for
What is ABC Corp's Sales Revenue under accrual basis of accounting assuming that company had sales discount amounting to P50,000 and sales returns (all before collections) amounting to P70,000.
1,480,000
1,530,000
1,550,000
1,600,000
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