This month, a company receives $6,000 from a regular customer, of which $4,000 is for products delivered last month and $2,000 is for products that will be delivered next month. How much revenue should the company record for this month?
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Under the accrual basis of accounting, the revenue recognition principle of accounting states that the revenue should be recorded once the service or related goods have been provided/ delivered.
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- A saleslady in Fortuna mall receives a monthly salary of Ρhр 12,000.00 рlus 10 % on all sales for the month over Ρhр 25,000.00. At the end of the current month she sold Ρhр 42,856.00. What is the amount of her commission? What is her total gross рay for the month?As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January, February, and March were as follows: P1,200,000, P1,400,000, and P1,600,000, respectively. Of each month’s sales, 80% is on account. 60% of account sales is collected in the month of sale, with remaining 40% collected in the following month. What is the accounts receivable balance as of March 31, 2021? A. P720,000 B. P480,000 C. P587,200 D. P512,000Assume receivables of $20,000 at the start of the January are all collected during the month; if sales for January and February are $400,000 and $300,000 respectively; the company typically receives payment from 20% of its customers within the same month, 60% the following month, and the remaining 20% by the end of the second following month, how much would accounts receivable be at the end of February?
