ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 P 550,000 (40000) P 510,000 Accounts Receivable P 415,000 (25,000) P 390,000 Allowance for Bad Debts Net Realizable Value No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?
ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31, 2020. Additional Information are as follows: Dec. 31, 2019 Dec. 31, 2020 P 550,000 (40000) P 510,000 Accounts Receivable P 415,000 (25,000) P 390,000 Allowance for Bad Debts Net Realizable Value No uncollectible accounts were written off during 2020. How much is the cash basis revenue for 2020?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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A. P1,845,000
B. P1,860,000
C. P1,885,000
D. P2,115,000
E. answer not given
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