Solution-Compute the Gross sales and Gross purchases

Compute the Gross sales and Gross purchases

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Reference no: EM132719012

Question - Credo Company provided the following data:

	Dec 31, 2X15	Dec 31, 2X16
Accounts Receivable	1,200,000	1,350,000
Accounts Payable	1,500,000	1,850,000

In 2X16, accounts written off amounted to P100,000. Sales returns totaled P250,000, of which P50,000 was paid to customers. Cash receipts from customers after P500,000 sales discounts amounted to P8,000,000. Cash payments to trade creditors totaled P5,000,000 after purchase discounts of P200,000. Purchase returns amounted to P400,000, of which P100,000 was received from the supplier.

Required - Compute for the following:

A. Gross sales

B. Net sales

C. Gross purchases

D. Net purchases

Reference no: EM132719012

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Compute the Gross sales and Gross purchases

Reference no: EM132719012

Reference no: EM132719012

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