Reference no: EM132809412

Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021:

Purchase of merchandise - P9,000,000;

Inventory, June 30, 2021 - P1,500,000;

Goods were sold at 50% above cost;

75% of sales were on credit;

Estimated bad debts - 1% of credit sales;

Collections from charge customers - P6,300,000;

Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts - P78,075.

Problem 1: What is the outstanding accounts receivable on June 30, 2021?