: Problem 5-20 (AICPA Adapted) Sky Company provided the following information at year-end: 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns
: Problem 5-20 (AICPA Adapted)
Sky Company provided the following information at
year-end:
2020
2019
Accounts receivable
Allowance for doubtful accounts
Allowance for sales returns
880,000
( 10,000)
( 20,000)
800,000
( 15,000)
( 25,000)
Net realizable value
850,000
760,000
The entity reported doubtful accounts expense in 2020 of P30,000
and had products returned for credits totaling P15,000 at sale
price. Gross sales for 2020 amounted to P6,150,000.
4. anmount was reported as net sales for 2020?
a. 6,150,000
b. 6,140,000
c. 6,100,000
d. 6,135,000
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