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?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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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
A. P2,200,000
B. P2,137,500
C. P2,131,200
D. Answer not given
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