Question
Marshmallow owns a personal car which he sold in installment on November 1, 2018 as follows: Date of acquisitionMarch 30, 2016 Acquisition cost
Marshmallow owns a personal car which he sold in installment on November 1, 2018 as follows:
Date of acquisitionMarch 30, 2016
Acquisition cost P 300,000
Terms of payment
Down paymentNovember 1, 2018P 50,000
Due onDecember 1, 2018 50,000
Due onJanuary 1, 2019 150,000
Due onFebruary 1, 2020 150,000
Requirement :
The initial payment in 2018 is
The amount of gain to be reported in 2018 is
The amount of gain to be reported on 2019 is
Step by Step Solution
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Step: 1
Marshmallow acquired the car on March 30 2016 for P300000 He sold the car in installment on November ...
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
