In 2021, a merchandise was sold on instalment basis by ONB for P80, 000 at a gross profit of 25% on cost. During this year, a total of P42, 500, including interest of P12, 500 was collected on this contract. In 2021, no collection was made on this sale, and the merchandise was repossessed. The fair value of the merchandise is P34, 000. Reconditioning cost amounts to P4, 000. What is the gain (loss) on reposition? a. 10, 000 b. (6, 000) c. (14, 000) d. (10, 000)

Lincoln Company purchased merchandise from Grandville Corp, on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,200 on each September 30, beginning on September 30, 2024 (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 11% properly reflects the time value of money in this situation Amount recorded

On May 1, 2021, AAA and BBB formed a joint operation to acquire and sell a special type of merchandise. The contractual arrangements provide that AAA is to manage the joint operation for a fee and that gain and losses are to be divided equally. On May 1, 2021, BBB invests cash of P52,000, which P50,000 was used to purchase merchandise. AAA incurs expenses amounting to P2,500. On May 20, one half of the merchandise was sold for P36,000 cash. In the books of BBB, the Investment in Joint Operation account on May 30, 2021 would show a balance of:

The Zonyo Company on October 1, 2008, sold article "A" for P4,000, costing P2,700. Article "B", a used article was accepted as down payment and the balance on a monthly installment payment of P220 starting November 1, 2008. P1,200 was allowed on the article traded-in. The company estimates reconditioning cost of P80 on this article and a sales price of P1,100 after such reconditioning. The company normally expect 20% gross profit on sale of used articles. The company employs the perpetual method of inventory. On April 1, 2009, the customer defaulted in the payment of installment. Article “A" which was sold was repossessed; its value to the seller is P1,350 allowing for reconditioning cost and a normal gross profit on resale. The amount of realized gross profit in 2008 is: