During August 5, 2020, Hiro marketing sold an item worth P 500,000 for P 750,000. The required down payment was 20% of the price while the balance will be paid in 18 equal payments. The company’s policy is to repossess the item if the buyer fails 2 consecutive months. During January 2021, the item sold was repossessed. Required: Compute the RGP for the year 2020.
During August 5, 2020, Hiro marketing sold an item worth P 500,000 for P 750,000. The required down payment was 20% of the price while the balance will be paid in 18 equal payments. The company’s policy is to repossess the item if the buyer fails 2 consecutive months. During January 2021, the item sold was repossessed. Required: Compute the RGP for the year 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During August 5, 2020, Hiro marketing sold an item worth P 500,000 for P 750,000. The required down payment was 20% of the price while the balance will be paid in 18 equal payments. The company’s policy is to repossess the item if the buyer fails 2 consecutive months. During January 2021, the item sold was repossessed.
Required: Compute the RGP for the year 2020.
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