Question
Alfredo Company provided the following data: December 31, 2015 Accounts receivable - 1,200,000 December 31, 2016 Accounts Receivable - 1,350,000 December 31, 2015 Accounts payable
Alfredo Company provided the following data:
December 31, 2015
Accounts receivable - 1,200,000
December 31, 2016
Accounts Receivable - 1,350,000
December 31, 2015
Accounts payable - 1,500,000
Decembe 31, 2016
Accounts payable - 1,850,000
In 2X16, accounts written off amounted to P100,000. Sales returns totaled P250,000, of which P50,000 waspaid to customers. Cash receipts from customers after P500,000 sales discounts amounted to P8,000,000.Cash payments to trade creditors totaled P5,000,000 after purchase discounts of P200,000. Purchase returnsamounted to P400,000, of which P100,000 was received from the supplier.
Required:
Compute for the following:
A. Gross sales
B. Net sales
C. Gross purchases
D. Net purchases
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