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Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021: Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated bad debts – 1% of credit sales; Collections from charge customers – P6,300,000; Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075. What is the outstanding accounts receivable on June 30, 2021?

Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021: Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated bad debts – 1% of credit sales; Collections from charge customers – P6,300,000; Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075. What is the outstanding accounts receivable on June 30, 2021?

Managerial Accounting: The Cornerstone of Business Decision-Making
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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021: Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated bad debts – 1% of credit sales; Collections from charge customers – P6,300,000; Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts – P78,075. What is the outstanding accounts receivable on June 30, 2021?

A. P2,200,000

B. P2,137,500

C. P2,131,200

D. Answer not given

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