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Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021:  Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated bad debts – 1% of credit sales; Collections from charge customers – P6,300,000; Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075. What is the outstanding accounts receivable on June 30, 2021?

Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021:  Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated bad debts – 1% of credit sales; Collections from charge customers – P6,300,000; Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075. What is the outstanding accounts receivable on June 30, 2021?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021:

 Purchase of merchandise - P9,000,000;

Inventory, June 30, 2021 – P1,500,000;

Goods were sold at 50% above cost; 75% of sales were on credit;

Estimated bad debts – 1% of credit sales;

Collections from charge customers – P6,300,000;

Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075.

What is the outstanding accounts receivable on June 30, 2021?

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