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How much is the sale revenue recognized by the sme

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Reference no: EM132887735

Problem 1: An SME sell goods in exchange for a P340,000 note receivable in two years' time. The cash sale price of the goods is P280,992. The gross profit rate based on cost on the transaction is 30%. Other operating expenses amounted to P50,000. How much is the sale revenue recognized by the SME?

a. P340,000

b. P280,992

c. P64,844

d. P334,156

Problem 2: How much is the profit or loss of the SME?

a. P14,844

b. P(14,844)

c. P46,988

d. P42,944

Reference no: EM132887735

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