The following balances have been excerpted from Tito Piccolo’s statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid P 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 Assuming that the company wrote off P25,000 and subsequently recovered P20,000. Had the cash basis of accounting been used instead, how much would have been reported as receipt for 2020? (no peso sign, no comma, whole number only)
The following balances have been excerpted from Tito Piccolo’s statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid P 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 Assuming that the company wrote off P25,000 and subsequently recovered P20,000. Had the cash basis of accounting been used instead, how much would have been reported as receipt for 2020? (no peso sign, no comma, whole number only)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
3
The following balances have been excerpted from Tito Piccolo’s
|
|
December 31 |
January 1 |
|
Prepaid Insurance |
P 6,000 |
P 7,500 |
|
Interest Receivable |
3,700 |
14,500 |
|
Salaries Payable |
61,500 |
53,000 |
|
|
550,000 |
415,000 |
|
Allowance for |
40,000 |
25,000 |
Tito Piccolo Company reported the following during 2020 the following items:
|
Insurance premiums paid |
P 41,500 |
|
Interest collected |
123,500 |
|
Salaries paid |
481,000 |
|
Sales |
1,980,000 |
Assuming that the company wrote off P25,000 and subsequently recovered P20,000. Had the cash basis of accounting been used instead, how much would have been reported as receipt for 2020? (no peso sign, no comma, whole number only)
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