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Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000   What should be reported as sales under the cash basis? a. 15,000,000 b. 18,000,000 c. 17,000,000 d. 16,000,000

Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000   What should be reported as sales under the cash basis? a. 15,000,000 b. 18,000,000 c. 17,000,000 d. 16,000,000

FINANCIAL ACCOUNTING
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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Happy Inc. provided the following information:

Beginning balance of Accounts receivable P5,000,000

Ending balance of Accounts receivable P13, 910,000

Collection of accounts receivable P1,000,000

Sales returns and allowances P50,000

Sales discounts P30,000

Accounts written off P10,000

Cash sales P15,000,000

 

What should be reported as sales under the cash basis?

a. 15,000,000
b. 18,000,000
c. 17,000,000
d. 16,000,000

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