Question
Aeta Company is engaged in the business of buying and selling heavy equipments.As of December 31 of the current year, the following information was selected
Aeta Company is engaged in the business of buying and selling heavy equipments.As of December 31 of the current year, the following information was selected from Aeta's records:
Property, plant and equipment (net, excluding land)35,000,000
Accounts receivable20,000,000
Prepaid insurance2,500,000
Short-term note payable3,000,000
Cash5,000,000
Long-term note payable40,000,000
Land20,000,000
Accounts payable8,000,000
Allowance for doubtful accounts1,000,000
Merchandise inventory13,000,000
Wages payable2,000,000
Aeta Company's revenue for the current year was derived solely from sales.Assuming that the cost of sales is 75% of the sales revenue, the sales revenue for the current year is:
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