Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should Wynn Company report as revenue for 2020?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Wynn Company reported revenue of P6,000,000 under the cash basis for
the year ended 2020. Additional information was made available; Accounts
receivable, December 31, 2019 P1,250,000; Accounts receivable,
December 31, 2020, P1,375,000. Under the accrual basis, how much should
Wynn Company report as revenue for 2020?
Transcribed Image Text:Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should Wynn Company report as revenue for 2020?
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