a What amount ahould be reported as net realizable valuecurrent year. The entity established an allowance forGermany Company started businens at the beginning ofDuring the year, the entity wrote off P50,000 of uncollectibleProblem 4-16 (PHILCPA Adapted)During the year, the entity wrote off P50,000 of uncolleetibleaccoantaFarther analyeis showed that merchandise purchasedamounted to P9,000,000 and ending merchandise inventorywas P1,500,000. Goods were sold at 40% above cost.The total sales comprised 80% sales on account and 20% caahsales. Total collections from customers, excluding cash sales,amounted to P6,000,000,1. What amount should be reported as cost of goods sold?7,500,000b. 5,400,000e 3,600,000d. 6,900,0002 What amount ahould be reported as sales on accountL 10,500,00018,750,000e. 12,000,000d. 8,400,000of accounta receivable at year-end?L 1,980,000b. 2,350,000e 1,930,000d. 2,400,000

Sales on account means the credit sales which means that goods has been sold but amount will be…

doubtful aceounts estimated at 5% of eredit sales A What amount should be reported as net realiaable value eurrent year. The entity established an allowance for Germany Company started business at the beginning of Problem 4-16 (PHILCPA Adapted) During the year, the entity wrote off P60,000 of uncolleetible aunta Farther analyain showed that merchandise purchased amounted to P9,000,000 and ending merchandise inventory wa P1,500,000. Goode were sold at 40% above cost. The total sales eomprised 80% sales on account and 20% cash sales. Total collections from customers, excluding cash sales amounted to P6,000,000. 1. What amount should be reported as cost of goods sold 7,500,000 5,400,000 e 3,00,000 d. 6,900,000 2 What amount should be reported as sales on account 10,500,000 &18,750,000 . 12,000,000 d. 8400,000 d accounts receivable at yesr-end? 1,980,000 2,350,000 C. 1900,000 4. 2,400,000

doubtful aceounts estimated at 5% of eredit sales A What amount should be reported as net realiaable value eurrent year. The entity established an allowance for Germany Company started business at the beginning of Problem 4-16 (PHILCPA Adapted) During the year, the entity wrote off P60,000 of uncolleetible aunta Farther analyain showed that merchandise purchased amounted to P9,000,000 and ending merchandise inventory wa P1,500,000. Goode were sold at 40% above cost. The total sales eomprised 80% sales on account and 20% cash sales. Total collections from customers, excluding cash sales amounted to P6,000,000. 1. What amount should be reported as cost of goods sold 7,500,000 5,400,000 e 3,00,000 d. 6,900,000 2 What amount should be reported as sales on account 10,500,000 &18,750,000 . 12,000,000 d. 8400,000 d accounts receivable at yesr-end? 1,980,000 2,350,000 C. 1900,000 4. 2,400,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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