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How much is the total realized gross profit in 2023? How Much is the gain (loss) on the repossession in 2023? TIWALA LANG Co. uses

How much is the total realized gross profit in 2023?

How Much is the gain (loss) on the repossession in 2023?

TIWALA LANG Co. uses the installment sales method of accounting. Information on TIWALA LANG Co.'s past operations follows: 2021 2022 2023 Installment Sales 300,000 405,000 495,000 Cost of Sales 210,000 243,000 321,750 Gross Profit Rate 30% 40% 35% Installment Receivables, December 31: From 2021 Installment Sales 180,000 135,000 60,000 From 2022 Installment Sales 300.000 195,000 From 2023 Installment Sales 390,000 In 2023, a customer defaulted. Accordingly, the merchandise with an estimate value of 15,000 was repossessed. The sale was made in 2021 and the unpaid balance on the date of repossession was 22,500

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