Question
23. Cel Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the following were reported: Cost of installment sales 1,050,000
23. Cel Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the following were reported:
Cost of installment sales 1,050,000
Loss on repossessions 27,000
FV of repossessed merchandise 225,000
Account defaulted 360,000
DGP, December 31, adjusted 216,000
What is the collections during the year?
- 780,000 c. 720,000
b.420,000 d. 1,429,091
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Auditing and Assurance services an integrated approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
16th edition
978-0134075754, 134075757, 134065824, 978-0134065823
