Credo Company provided the following data:

Dec 31, 2X15 Dec 31, 2X16

AReceivable 1,200,000 1,350,000

APayable 1,500,000 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.

Compute and show the solution for the following:

A. Gross sales

B. Net sales

C. Gross purchases

D. Net purchases

Credo Company Credo Company provided the following data: December 31, 2X15 December 31, 2X16 Accounts receivable 1,200,000 1,350,000 Accounts payable 1,500,000 1,850,000 In 2X16, accounts written off amounted to P100,000. Sales returns totaled P250,000, of which P50,000 was paid 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 returns amounted to P400,000, of which P100,000 was received from the supplier