How much was the cash collected

Assignment Help Accounting Basics

Reference no: EM132740980

Question - BIGBANG Co. started operations in January 2019. From your examination of BIGBANG's financial statements, you were able to obtain the following information:

	12/31/18	12/31/17
Inventory	P136,000	P145,000
Trade Receivable	80,200	85,600
Trade Payable	98,200	95,500
Sales	1,090,000	990,000

Additional information provides that BIGBANG paid its suppliers a total of P752,500 in 2017. In 2018, accounts totaling P8,000 were written off as uncollectible. In addition, bad debts expense of P6,500 per year was recognized in 2017 and 2018.

REQUIRED -

1. How much cash was disbursed during 2018 for purchases of merchandise?

2. How much was the cost of goods sold in 2017?

3. How much was the cash collected during 2018 resulting from sales in 2017 and 2018?

Reference no: EM132740980

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