Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Installment sales in 2016 are made at 25% above the cost of merchandise sold; cash sales amounting to P700,000 were made at a markup of

image text in transcribed
Installment sales in 2016 are made at 25% above the cost of merchandise sold; cash sales amounting to P700,000 were made at a markup of 30% of sales and credit sales of P200,000 at a markup of 32%. During 2016 upon default in payment by the customer, the company repossessed the merchandise with an estimated market value of P6,000. The sales was made in 2015 for P32,400 and P19,200 had been collected prior to repossession. Determine the: . Total realized gross profit before gains or loss on repossessions in 2016: a. b. P489,850 c. P215,850 d. P113,850 e. P102,000 2. 3. Realized gross profit on installment sales in 2016 a. b. P489,850 c. P215,850 d. P113,850 e. P102,000 5. Realized gross profit on installment sales in 2016 for 2014 sales a. b. P489,850 c. P102,000 d. P76,050 e. P37,800 6. 7. Realized gross profit on installment sales in 2016 for 2015 sales b. P489,850 c. P215,850 d. P76,050 e. P37,800 8. 9. Realized gross profit on installment sales in 2016 for 2016 sales a. b. P489,850 c. P215,850 d. P113,850 e. P102,000 10. Page 5 of 6 Installment sales in 2016 are made at 25% above the cost of merchandise sold; cash sales amounting to P700,000 were made at a markup of 30% of sales and credit sales of P200,000 at a markup of 32%. During 2016 upon default in payment by the customer, the company repossessed the merchandise with an estimated market value of P6,000. The sales was made in 2015 for P32,400 and P19,200 had been collected prior to repossession. Determine the: . Total realized gross profit before gains or loss on repossessions in 2016: a. b. P489,850 c. P215,850 d. P113,850 e. P102,000 2. 3. Realized gross profit on installment sales in 2016 a. b. P489,850 c. P215,850 d. P113,850 e. P102,000 5. Realized gross profit on installment sales in 2016 for 2014 sales a. b. P489,850 c. P102,000 d. P76,050 e. P37,800 6. 7. Realized gross profit on installment sales in 2016 for 2015 sales b. P489,850 c. P215,850 d. P76,050 e. P37,800 8. 9. Realized gross profit on installment sales in 2016 for 2016 sales a. b. P489,850 c. P215,850 d. P113,850 e. P102,000 10. Page 5 of 6

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Forensics Body Of Knowledge

Authors: Darrell D. Dorrell, Gregory A. Gadawski

1st Edition

0470880856, 978-0470880852

More Books

Students also viewed these Accounting questions

Question

What is an instance attribute?

Answered: 1 week ago