Presented below are the information taken from the books of NMIXX Co 2022 2023 Sales Regular P 125,000 P187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31.250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137.500 installment sales-2022 $7.500 25,000 Installment sales-2023 62.500 How much is the Realized gross profit in installment and net income for the year 2023?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below are the information taken from the books of NMIXX Co.
2022
2023
Sales
Regular
P 125,000
P 187,500
Installment
62,500
100 000
Cost of goods sold:
Regular
75.000
112,500
Installment
31,250
45,000
Selling expenses
25,000
31,250
Collection on accounts from
Regular sales
100,000
137,500
Installment sales - 2022
37.500
25,000
Installment sales - 2023
62,500
How much is the Realized gross profit in installment and net income for the year 2023?
Transcribed Image Text:Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?
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