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What amount of sales revenue should be reported

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Reference no: EM132805937

Pancho Company provided the following information for the current year:

Cash Sales Gross, 2,000,000

Returns and allowances, 100,000

Credit Sales

Gross, 3,000,000

Discounts 150,000

  • Customers owed P1,000,000 on January 1 and P750,000 on December 31. The entity used a direct write off method for bad debts.
  • No bad debts were recorded in the current year.

Problem 1: Under the cash basis of accounting, what amount of sales revenue should be reported for the current year?

Reference no: EM132805937

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