Mouse Co. started operations on January 1, 2021. Following data are available as of June30, 2021:Purchase of merchandise - P9,000,000Inventory, June 30, 2021 – P1,500,000Goods were sold at 50% above cost75% of sales were on creditEstimated bad debts – 19% of credit salesCollections from charge customers – P6,300,000Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts- P78,075.What is the outstanding accounts receivable on June 30, 2021?

Accounts receivable indicates the amount owed by customer to the firm for credit sales made to them.…

Mouse Co. 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?

Mouse Co. 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

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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