1. How much are the total collections from sales during the year?

A. 1,171,500

B. 1,240,000

C. 2,470,000

D. 3,710,000

2. How much are the total cash receipts during the year?

A. 2,470,000

B. 13,870,000

C. 3,870,000

D. 12,470,000

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The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,000,000. At December 31, 2022, the general ledger of said company showed the following accounts and balances: Merchandise Inventory 4,300,000 Land 1,600,000 2,400,000 Building Furniture and Equipment Trade Accounts Receivable 700,000 1,240,000 Trade Accounts Payable Trade Notes Payable Notes Payable - BPI Mortgage Payable - BDO Sales 680,000 1,000,000 400,000 1,000,000 3,710,000 1,360,000 92,000 54,000 93,288 Salaries Expense Taxes and Licenses Insurance Expense Repairs Expense Your examination revealed that the cost of merchandise sold was 65% of sale. Based on the foregoing, answer the following questions: The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,000,000. At December 31, 2022, the general ledger of said company showed the following accounts and balances: Merchandise Inventory 4,300,000 Land 1,600,000 2,400,000 Building Furniture and Equipment Trade Accounts Receivable 700,000 1,240,000 Trade Accounts Payable Trade Notes Payable Notes Payable - BPI Mortgage Payable - BDO Sales 680,000 1,000,000 400,000 1,000,000 3,710,000 1,360,000 92,000 54,000 93,288 Salaries Expense Taxes and Licenses Insurance Expense Repairs Expense Your examination revealed that the cost of merchandise sold was 65% of sale. Based on the foregoing, answer the following questions:

Answer rating: 100% (QA)

Step 1 Working notes Total Sale Accounts Receivable Cash realized from sales Total Cash receipts Cas... View the full answer