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O b. 6,550,000

O b. 6,550,000

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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...
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17. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to P100,000. Sales returns with credit memo amounted to P150,000 and purchase returns, P50,000. Cash receipts from customers after P200,000 discounts totaled P6,000,000, while cash payments to trade creditors amounted to P4,000,000 after discounts of P300,000. Cash paid to customers for goods returned was P50,000. On this transaction, accounts receivable was debited. Under accrual basis, what amount should be reported as gross sales for the current year? 12/31/2010 Physical inventory, at cost 600,000 Sales 4,000,000 Cost of sales 2,400,000 Accounts receivable - trade 1,200,000 Accounts payable - trade 1,500,000 a. 6,600,000 b. 6,550,000 c. 6,650,000 d. 6,350,000 12/31/2011 1,000,000 1,350,000 1,850,000
Transcribed Image Text:17. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to P100,000. Sales returns with credit memo amounted to P150,000 and purchase returns, P50,000. Cash receipts from customers after P200,000 discounts totaled P6,000,000, while cash payments to trade creditors amounted to P4,000,000 after discounts of P300,000. Cash paid to customers for goods returned was P50,000. On this transaction, accounts receivable was debited. Under accrual basis, what amount should be reported as gross sales for the current year? 12/31/2010 Physical inventory, at cost 600,000 Sales 4,000,000 Cost of sales 2,400,000 Accounts receivable - trade 1,200,000 Accounts payable - trade 1,500,000 a. 6,600,000 b. 6,550,000 c. 6,650,000 d. 6,350,000 12/31/2011 1,000,000 1,350,000 1,850,000
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