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. General Motors Sales sells cars on the installment basis. Presented below are data for the past three years: 2021 2000 2019 Installment sales P2,880,000
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General Motors Sales sells cars on the installment basis. Presented below are data for the past three years: 2021 2000 2019 Installment sales P2,880,000 P2,304,000 P1,543,000 Cost of sales 1,728,000 1,440,000 1,002,950 Collection on: 2021 Installments sales 1,008,000 2020 Installments sales 691,000 921,000 2019 Installments sales 478,000 462,000 578,000 Repossessions on defaulted accounts included one made on a 2019 sale for which the unpaid balance amounted to P20,000. The depreciated value of the car repossessed was P10,000. 19. The realized gross profit in 2021 on collections of 2020 sales is 20. The unrecovered cost of the car sold in 2019 and repossessed in 2021 is General Motors Sales sells cars on the installment basis. Presented below are data for the past three years: 2021 2000 2019 Installment sales P2,880,000 P2,304,000 P1,543,000 Cost of sales 1,728,000 1,440,000 1,002,950 Collection on: 2021 Installments sales 1,008,000 2020 Installments sales 691,000 921,000 2019 Installments sales 478,000 462,000 578,000 Repossessions on defaulted accounts included one made on a 2019 sale for which the unpaid balance amounted to P20,000. The depreciated value of the car repossessed was P10,000. 19. The realized gross profit in 2021 on collections of 2020 sales is 20. The unrecovered cost of the car sold in 2019 and repossessed in 2021 isStep by Step Solution
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