University of Mississippi ACCY ACCY 309 Dipolog Company sells appliances on the installment basis. Below are information for the past three years: 2008 2007 2006 Installment sales…

University of Mississippi ACCY ACCY 309 Dipolog Company sells appliances on the installment basis. Below are information for the past three years: 2008 2007 2006 Installment sales…

. TT Company, which began business on January 1, 2008, appropriately uses the installment sales method of accounting. The following data are available for 2008:

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University of Mississippi ACCY ACCY 309 Dipolog Company sells appliances on the installment basis. Below are information for the past three years: 2008 2007 2006 Installment sales…
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Installment accounts receivable, 12/31/08 ——————— P200,000

Deferred gross profit, 12/31/08 (before recognition

of realized gross profit) ———————————- 140,000

Gross Profit on sales ———————————————- 40%

The cash collections and the realized gross profit on installment sales for the year ended December 31, 2008 should be

Cash collections Realized gross profit

a. P100,000 P80,000

b. 100,000 60,000

c. 150,000 80,000

d. 150,000 60,000

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