1 - During 2021, Werts Company a service organization, had P

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1 - During 2021, Werts Company a service organization, had Php 200,000

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1 - During 2021, Werts Company a service organization, had Php 200,000.00 in cash sales and Php 3,000,000 in credit sales. The accounts receivable balances were Php 400,000.00 and Php 485,000.00 on December 31, 2020 and 2021, respectively. If the entity desires to prepare a cash basis income statement what amount should be reported as sales for the current year? Please show your solution.

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Rizal Technological University CBET 01502A Chapter 6 1It is the change in equity during a period resulting from transactions and other events other that changes resulting from transactions with owners in their capacity as owners Comprehensive income Other comprehensive income Profit or loss Retained earnings It is the total of income less expenses excluding the components of other comprehensive income Comprehensive income Profit or loss Accounting income Economic income This term comprises items of income and expense including reclassification adjustments that are not recognized in proft or loss as required or permitted by PFRS Comprehensive income Other comprehensive income Profit or loss Retained earnings The components of other comprehensive income include all of the following except Unrealized gain on derivative contract designated as cash flow hedge Loss from translating the financial statements of a foreign operation Actuarial gain on defined benefit plan Dividend paid to 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