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Determine the sales revenue for the current year

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Reference no: EM132860716

Question- As of December 31 of the current year, the following information was selected from 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

Revenue for the current year was derived solely from sales. Assuming that the cost of sales is 75% of the sales revenue, determine the sales revenue for the current year?

a. 75,200,000

b. 75,400,000

c. 75,000,000

d. not given

Reference no: EM132860716

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