ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 P 415,000 (25,000) P 390,000 Accounts Receivable P 550,000 Allowance for Bad Debts (40000) P 510,000 Net Realizable Value No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?
ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 P 415,000 (25,000) P 390,000 Accounts Receivable P 550,000 Allowance for Bad Debts (40000) P 510,000 Net Realizable Value No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterB: Bad Debts
Section: Chapter Questions
Problem 1P: Rogan Companys total sales on account for the year amounted to 327,000. The company, which uses the...
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