Batman Company provides the following data for the year 2020: Cash sales - 500,000; Collection from customers -3,950,000; Increase in accounts receivable - 250,000; Decrease in notes receivable - 50,000; accounts receivable written off - 100,000; sales discounts - 200,000; and sales return and allowances - 70,000 (20,000 of which refunded to customers) What was the amount of gross sales for 2020? a. P5,020,000 c. P4,900,000 b. P4,500,000 d. P5,000,000
Batman Company provides the following data for the year 2020: Cash sales - 500,000; Collection from customers -3,950,000; Increase in accounts receivable - 250,000; Decrease in notes receivable - 50,000; accounts receivable written off - 100,000; sales discounts - 200,000; and sales return and allowances - 70,000 (20,000 of which refunded to customers) What was the amount of gross sales for 2020? a. P5,020,000 c. P4,900,000 b. P4,500,000 d. P5,000,000
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 3P
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Batman Company provides the following data for the year 2020:
Cash sales - 500,000; Collection from customers -3,950,000; Increase in accounts receivable - 250,000; Decrease in notes receivable - 50,000; accounts receivable written off - 100,000; sales discounts - 200,000; and sales return and allowances - 70,000 (20,000 of which refunded to customers)
What was the amount of gross sales for 2020?
a. P5,020,000 c. P4,900,000
b. P4,500,000 d. P5,000,000
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