Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2020. The entity wrote off uncollectible accounts totaling P50,000 during the current year. 2019 2020 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Advances from customers 200,000 300.000
Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2020. The entity wrote off uncollectible accounts totaling P50,000 during the current year. 2019 2020 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Advances from customers 200,000 300.000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 24CE
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Question
Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2020.
The entity wrote off uncollectible accounts totaling P50,000 during the current year.
2019 2020
Accounts receivable 1,000,000 1,300,000
Allowance for uncollectible accounts 60,000 110,000
Advances from customers 200,000 300.000
Under cash basis, what amount should be reported as sales for the current year?
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