Solutions must be in good accounting form pls thank you! Note: Avoiding rounding off during computations. If final answers are not whole numbers, round them off to two decimal places (e.g., 100,450.55). BC Corp. reported a P500,000 account receivable balance at the beginning of the calendar year. For the year, it reported net credit sales of P4,000,000 and collections from customers of P4,050,000. An analysis of the sales showed that a sale amounting to P40,000 was shipped to the buyer on Dec. 31 under FOB destination term while a sale amounting to P50,000 was shipped to the buyer on Jan. 1 under FOB shipping point term. Included in the collections was an over-payment by a customer in the amount of P13,000. Not included in the initial sales and collections amounts are the following: (A) Sales made to officers made under customary terms, P200,000 of which were collected – P700,000 and (B) Claims against common carrier – P 200,000. How much should ABC report as accounts receivables as of Dec. 31?
Solutions must be in good accounting form pls thank you!
Note: Avoiding rounding off during computations. If final answers are not whole numbers, round them off to two decimal places (e.g., 100,450.55).
BC Corp. reported a P500,000
(A) Sales made to officers made under customary terms, P200,000 of which were collected – P700,000 and
(B) Claims against common carrier – P 200,000. How much should ABC report as accounts receivables as of Dec. 31?
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