Reference no: EM133149759
Question - The following balances have been excerpted from Chlorine's Statement of Financial Position for the year:
Accounts receivable, increase 1,400,000
Accounts payable, decrease 600,000
Accounts written-off 240,000
Cash payment to trade creditors 4,800,000
Cash purchases 1,000,000
Cash received from customers including recoveries 6,000,000
Cash sales 1,200,000
Notes payable - bank, increase 1,200,000
Notes payable-trade, increase 800,000
Notes receivable, decrease 800,000
Purchase discounts 140,000
Purchase returns (P120,000 was refunded from the supplier) 320,000
Recovery of accounts written-off 72,000
Sales discounts 80,000
Sales return (P200,000 was refunded to the customer) 320,000
Required -
1. What is the amount of gross sales on account?
2. What are the total gross sales?
3. What are the total net sales?
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