ABC Inc.A. P1,845,000B. P1,860,000C. P1,885,000D. P2,115,000E. answer not given ABC Inc. reported revenue of P1,980,000 in its incomestatement for the year ended December 31, 2020. AdditionalInformation are as follows:Dec. 31, 2019Dec. 31, 2020P 415,000(25,000)P 390,000Accounts ReceivableP 550,000Allowance for Bad Debts(40000)P 510,000Net Realizable ValueNo uncollectible accounts were written off during 2020. Howmuch is the cash basis revenue for 2020?

The revenue reported on the income statement includes cash revenue and credit revenue both. The…

ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 P 550,000 (40000) P 510,000 Accounts Receivable P 415,000 Allowance for Bad Debts (25,000) P 390,000 Net Realizable Value No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?

ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 P 550,000 (40000) P 510,000 Accounts Receivable P 415,000 Allowance for Bad Debts (25,000) P 390,000 Net Realizable Value No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?

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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