Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021:  Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated bad debts – 1% of credit sales; Collections from charge customers – P6,300,000; Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075. What is the outstanding accounts receivable on June 30, 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021:

 Purchase of merchandise - P9,000,000;

Inventory, June 30, 2021 – P1,500,000;

Goods were sold at 50% above cost; 75% of sales were on credit;

Estimated bad debts – 1% of credit sales;

Collections from charge customers – P6,300,000;

Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075.

What is the outstanding accounts receivable on June 30, 2021?

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