Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the accrual basis? a. 10,000,000 b. 25,000,000 c. 20,000,000 d. 5,000,000
Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the accrual basis? a. 10,000,000 b. 25,000,000 c. 20,000,000 d. 5,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Happy Inc. provided the following information:
Beginning balance of
Ending balance of Accounts receivable P13, 910,000
Collection of accounts receivable P1,000,000
Sales returns and allowances P50,000
Sales discounts P30,000
Accounts written off P10,000
Cash sales P15,000,000
What should be reported as sales under the accrual basis?
a. 10,000,000
b. 25,000,000
c. 20,000,000
d. 5,000,000
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