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51.You are given the following information relating to Bacolod Trading: Gross profit rate based on cost20% Accounts receivable, December 31, 2013 P120,000 Collections on accounts

51.You are given the following information relating to Bacolod Trading:

Gross profit rate based on cost20%

Accounts receivable, December 31, 2013 P120,000

Collections on accounts receivable in 2014 645,000

Cost of goods available for sale in 2014 690,000

Merchandise inventory, December 31, 2014 150,000

Assuming all sales were on account, what was the companys accounts receivable balance at December 31, 2014?a.P105,000b.P150,000c.P159,000d.P195,000

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