1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000

1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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