PC uses the installment method of income recognition. The entity provided the following pertinent data: 20x1 20x2 20x3 Installment sales P600,000 P750,000 P720,000 Cost of goods sold 450,000 570,000 504,000 Balance of deferred gross profit at year-end 20x1 105,000 30,000 - 20x2 108,000 18,000 20x3 144,000 COMPUTE Total balance of Installment Receivable on December 31, 20x3
PC uses the installment method of income recognition. The entity provided the following pertinent data: 20x1 20x2 20x3 Installment sales P600,000 P750,000 P720,000 Cost of goods sold 450,000 570,000 504,000 Balance of deferred gross profit at year-end 20x1 105,000 30,000 - 20x2 108,000 18,000 20x3 144,000 COMPUTE Total balance of Installment Receivable on December 31, 20x3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
PC uses the installment method of income recognition. The entity provided the following pertinent data:
|
|
20x1 |
20x2 |
20x3 |
|
Installment sales |
P600,000 |
P750,000 |
P720,000 |
|
Cost of goods sold |
450,000 |
570,000 |
504,000 |
|
Balance of deferred gross profit at year-end |
|||
|
20x1 |
105,000 |
30,000 |
- |
|
20x2 |
|
108,000 |
18,000 |
|
20x3 |
|
|
144,000 |
COMPUTE
- Total balance of Installment Receivable on December 31, 20x3
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