Answered: The Bountiful Company was organized on…

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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RUSH PLEASE THANK YOU

The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,000,000. At December 31, 2022, the general ledger of said company showed the following accounts and balances:

Your examination revealed that the cost of merchandise sold was 65% of sale.

Based on the foregoing, answer the following questions:

1. How much is the total collections from sales during the year?

A. 1,171,500

B. 1,240,000

C. 2,470,000

D. 3,710,000

2. How much is the total cash receipts during the year?

A. 2,470,000

B. 13,870,000

C. 3,870,000

D. 12,470,000

The Bountiful Company was organized on January 3,
2022 with a share capital fully paid up of P
10,000,000. At December 31, 2022, the general
ledger of said company showed the following
accounts and balances:
Merchandise Inventory
4,300,000
1,600,000
2,400,000
Land
Building
Furniture and Equipment
Trade Accounts Receivable
700,000
1,240,000
Trade Accounts Payable
Trade Notes Payable
Notes Payable - BPI
Mortgage Payable - BDO
Sales
680,000
1,000,000
400,000
1,000,000
3,710,000
1,360,000
92,000
54,000
93,288
Salaries Expense
Taxes and Licenses
Insurance Expense
Repairs Expense
Your examination revealed that the cost of
merchandise sold was 65% of sale.
Based on the foregoing, answer the following
questions:

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