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.
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,
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
None of the choices
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