Reference no: EM132892383
Question - Aeta Company is engaged in the business of buying and selling heavy equipments. As of December 31 of the current year, the following information was selected from Aeta's records:
Property, plant and equipment (net, excluding land) 35,000,000
Accounts receivable 20,000,000
Prepaid insurance 2,500,000
Short-term note payable 3,000,000
Cash 5,000,000
Long-term note payable 40,000,000
Land 20,000,000
Accounts payable 8,000,000
Allowance for doubtful accounts 1,000,000
Merchandise inventory 13,000,000
Wages payable 2,000,000
Aeta Company's revenue for the current year was derived solely from sales. Assuming that the cost of sales is 75% of the sales revenue, the sales revenue for the current year is:
A. 75,000,000
B. 75,400,000
C. 75,200,000
D. not given