41. In the accrual basis income statement for the current year Maria Company reported revenue of P3,000,000. Accounts receivable - January 1 400,000 Uncollectible accounts written off during the year 20,000 Accounts receivable - December 31 500,000 Under cash basis, what amount should be reported as revenue? a. 2,900,000 b. 2,880,000 c. 3,000,000 d. 3,120,000

41. In the accrual basis income statement for the current year Maria Company reported revenue of P3,000,000. Accounts receivable - January 1 400,000 Uncollectible accounts written off during the year 20,000 Accounts receivable - December 31 500,000 Under cash basis, what amount should be reported as revenue? a. 2,900,000 b. 2,880,000 c. 3,000,000 d. 3,120,000

Name: 41. In the accrual basis income statement for the current year Maria
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Description: 41. In the accrual basis income statement for the current year Maria Company reported revenue ofP3,000,000.Accounts receivable - January 1400,000Uncollectible accounts written off during the year20,000Accounts receivable - December 31500,000Under ca

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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