Revenue from Contracts with Customers b. Sold goods to Customer X on a cash basis for P20,000. The sale agreement gives Customer X the right to retum up to 40% of the product sold within the first six months after the date of sale provided an appropriate reason is given. Customer X will 4. DESULTORY UNPLANNED Co. offers repair services for manufacturing equipment and also sells machinery parts. During the year, DESULTORY had the following transactions. In January 20x1, DESULTORY Co. signed a repair service contract with a customer for P4,000,000. The contract price is due on March 31, 20x1. By the end of the year, the repair service has long been completed. However, the contract price has not yet been collected. DESULTORY has assessed that the receivable should be written-off. DESULTORY has no balance in its allowance for uncollectible service contract receivables In July 20x1, DESULTORY Co. sold various parts to a customer on account for P2,000,000. By the end of the years 211 be refunded for any goods returned. ABC can reliably estimate that 10% of the products sold would be retumed. Sold goods to Customer Y on account basis for P10,000. The sale agreement gives Customer Y the right to retum up to 10% of the product sold within the first two weeks after the date of sale provided an appropriate reason is given. ABC can reliably estimate that 5% of the products sold would be returned. d. Sold goods to Customer Z on a cash basis for P12,000. The sale agreement gives Customer Z the right to return the goods and be refunded for the sale price if he is not satisfied. ABC cannot reliably estimate the amount of goods to be retumed. Sold goods to Customer Voiz&Gurlz on a cash basis for P10,000. The sales representative was paid a 2% commission based on the selling price. How much total net sales revenue is recognized from the transactions above? a. 42,300 d. 54,500 c. 54,300 b. 42,500 il d Es 5 Revenue from Contracts with Customers b. Sold goods to Customer X on a cash basis for P20,000. The sale agreement gives Customer X the right to retum up to 40% of the product sold within the first six months after the date of sale provided an appropriate reason is given. Customer X will 4. DESULTORY UNPLANNED Co. offers repair services for manufacturing equipment and also sells machinery parts. During the year, DESULTORY had the following transactions. In January 20x1, DESULTORY Co. signed a repair service contract with a customer for P4,000,000. The contract price is due on March 31, 20x1. By the end of the year, the repair service has long been completed. However, the contract price has not yet been collected. DESULTORY has assessed that the receivable should be written-off. DESULTORY has no balance in its allowance for uncollectible service contract receivables In July 20x1, DESULTORY Co. sold various parts to a customer on account for P2,000,000. By the end of the years 211 be refunded for any goods returned. ABC can reliably estimate that 10% of the products sold would be retumed. Sold goods to Customer Y on account basis for P10,000. The sale agreement gives Customer Y the right to retum up to 10% of the product sold within the first two weeks after the date of sale provided an appropriate reason is given. ABC can reliably estimate that 5% of the products sold would be returned. d. Sold goods to Customer Z on a cash basis for P12,000. The sale agreement gives Customer Z the right to return the goods and be refunded for the sale price if he is not satisfied. ABC cannot reliably estimate the amount of goods to be retumed. Sold goods to Customer Voiz&Gurlz on a cash basis for P10,000. The sales representative was paid a 2% commission based on the selling price. How much total net sales revenue is recognized from the transactions above? a. 42,300 d. 54,500 c. 54,300 b. 42,500 il d Es 5