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How much should be reported as sales on a cash basis

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Problem 1: During 2020, Morgan Company, a service organization, had P200,000 in cash sales and P3,000,000 in credit sales. The accounts receivable balances were P400,000 and P485,000 at December 31, 2019 and 2020, respectively. If Morgan desires to prepare a cash basis income statement, how much should be reported as sales for 2020 on a cash basis?

Reference no: EM132994530

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