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…
2008 2007 2006
Installment sales —————— P750,000 P600,000 P400,000
Cost of sales ———————– 450,000 375,000 260,000
2008 installment sales — 275,000
2007 installment sales — 180,000 240,000
2006 installment sales — 125,000 120,000 150,000
Repossessions on defaulted accounts included one made on a 2008 sale for which the unpaid balance amounted to P5,000. The depreciated values of the appliance repossesed was P2,500.
The realized gross profit in 2008 on collections of 2008 installment sales was:
a. P108,000 c. P221,250
b. 110,000 d. 221,600
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