Ernst Company experienced the following changes in selected accounts for the current year: · Accrual sales- P6,000,000 · Account receivable, January 1- P1,000,000 · Account receivable, December 31- P900,000 · Advances from customers, January 1- P300,000 · Advances from customers, December 31- P800,000 How much was received from customers during the year?

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...
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Ernst Company experienced the following changes in selected accounts for the current year:

·       Accrual sales- P6,000,000

·       Account receivable, January 1- P1,000,000

·       Account receivable, December 31- P900,000

·       Advances from customers, January 1- P300,000      

·       Advances from customers, December 31- P800,000

How much was received from customers during the year?

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