The following balances have been excerpted from Chlorine's Statement of Financial Position for the year: Accounts receivable, increase 1,480,000 Accounts payable, decrease 600,000 Accounts written-off 240,000 Cash payment to trade creditors 4,800,000 Cash purchases 1,000,000 Cash received from customers including recoveries 6,000,000 Cash sales 1,200,000 Notes payable - bank, increase 1,200,000 Notes payable-trade, increase 800,000 Notes receivable, decrease 800,000 Purchase discounts 140,000 Purchase returns (P120,000 was refunded from the supplier) 320,000 Recovery of accounts written-off 72,000 Sales discounts 80,000 Sales return (P200,000 was refunded to the customer) 320,000 1. What is the amount of gross sales on account? 2. What are the total gross sales? 3. What are the total net sales?
The following balances have been excerpted from Chlorine's
Accounts receivable, increase 1,480,000
Accounts payable, decrease 600,000
Accounts written-off 240,000
Cash payment to trade creditors 4,800,000
Cash purchases 1,000,000
Cash received from customers including recoveries 6,000,000
Cash sales 1,200,000
Notes payable - bank, increase 1,200,000
Notes payable-trade, increase 800,000
Notes receivable, decrease 800,000
Purchase discounts 140,000
Purchase returns (P120,000 was refunded from the supplier) 320,000
Recovery of accounts written-off 72,000
Sales discounts 80,000
Sales return (P200,000 was refunded to the customer) 320,000
1. What is the amount of gross sales on account?
2. What are the total gross sales?
3. What are the total net sales?
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
