FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 7. Single-entry bookkeeping (sales revenue during the year)
The December 31, 2020 statement of financial position of YOYO Company showed accounts
receivable of P50,270. During 2021, accounts were written off in the amount of P6,200 and an
account for P4,200, which was written off in 2020, was collected and recorded as a regular
collection of accounts receivable in 2021.
Unpaid sales slips showed that the customers owed P64,320 as of December 31, 2021. Sales returns
from charge sales during the year amounting to P750. Also, YOYO received P584,190 from
customers after deducting P3,630 discounts.
How much is YOYO’s net sales for the year ended December 31, 2021?
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Transcribed Image Text:Problem 7. Single-entry bookkeeping (sales revenue during the year) The December 31, 2020 statement of financial position of YOYO Company showed accounts receivable of P50,270. During 2021, accounts were written off in the amount of P6,200 and an account for P4,200, which was written off in 2020, was collected and recorded as a regular collection of accounts receivable in 2021. Unpaid sales slips showed that the customers owed P64,320 as of December 31, 2021. Sales returns from charge sales during the year amounting to P750. Also, YOYO received P584,190 from customers after deducting P3,630 discounts. How much is YOYO’s net sales for the year ended December 31, 2021?
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