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:
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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