ABC Inc. reported revenue of P1,980,000 in its incomestatement for the year ended December 31, 2020, AdditionalInformation are as follows:Dec. 31, 2019P 415,000(25,000)P 390,000Dec. 31, 2020Accounts ReceivableAllowance for Bad DebtsP 550,000(40000)P 510,000Net Realizable ValueNo uncollectible accounts were written off during 2020. Howmuch is the cash basis revenue for 2020?

Cash Accounting The cash basis of accounting states that only on account of cash inflow and outflow…

ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 Accounts Receivable Allowance for Bad Debts Net Realizable Value P 415,000 (25,000) P 390,000 P 550,000 (40000) P 510,000 No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?

ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 Accounts Receivable Allowance for Bad Debts Net Realizable Value P 415,000 (25,000) P 390,000 P 550,000 (40000) P 510,000 No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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