How much was the cash collected during 2020 resulting from sales in 2019 and 2020? *P 1,009,800P 1,079,400P 1,079,600P 1,085,400 Celestine Co. started operations in January 2019. From your examination of Celestine's financialstatements, you were able to obtain the following information:12/31/19 12/31/20P 126,000 P 133,20060,00085,500990,000InventoryTrade Receivable85,800Trade PayableSales82,800960,000Additional information provides that Celestine paid its suppliers a total of P763,200 in 2019. In 2020,accounts totaling P6,000 were written off as uncollectible. In addition, bad debts expense of P4,500per year was recognized in 2019 and 2020.

Answered: How much was the cash collected during…

How much was the cash collected during 2020 resulting from sales in 2019 and 2020? * P 1,009,800 P 1,079,400 P 1,079,600 P 1,085,400

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 11EA: Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....

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Mark Co. started operations in January 2019. From your examination of Mark’s financial statements, you were able to obtain the following information: 12/31/19 12/31/20 Inventory P 126,000 P133,200 Trade Receivable 85,800 60,000 Trade Payable 82,800 85,500 Sales 960,000 990,000 Additional information provides that Celestine paid its suppliers a total of P763,200. In 2020, accounts totaling P6,000 were written off as uncollectible, In addition, bad debts expense of P4,500 per year was recognized in 2019 and 2020. How much cash was disbursed during 2020 for purchases of merchandise? P…
WHAT IS THE TOTAL AMOUNT INCLUDED IN THE "TRADE AND OTHER RECEIVABLE"
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ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
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