NO.22 22. The Cindy, Inc. began operating at the beginning of the calendar year2016 and, using the installment method of accounting, presented thefollowing data for the first year:Installment sales P 400,000; Gross marginbased on cost 66- %%; Inventory, Dec. 31, 2016 80,000; General andadministrative expenses 40,000; Accounts receivable, Dec. 31, 2016320,000. The balance of the deferred gross profit account, end of 2016should be: *O A. P192,000O B. P128,000O C. P96,000O D. P80,000

Installment Sales: In an installment sale, revenue and expenditures are recorded at the time of the…

22. The Cindy, Inc. began operating at the beginning of the calendar year 2016 and, using the installment method of accounting, presented the following data for the first year:Installment sales P 400,000; Gross margin based on cost 6- %%; Inventory, Dec. 31, 2016 80,000; General and administrative expenses 40,000; Accounts receivable, Dec. 31, 2016 320,000. The balance of the deferred gross profit account, end of 2016 should be: * O A. P192,000 O B. P128,000 O C. P96,000 O D. P80,000

22. The Cindy, Inc. began operating at the beginning of the calendar year 2016 and, using the installment method of accounting, presented the following data for the first year:Installment sales P 400,000; Gross margin based on cost 6- %%; Inventory, Dec. 31, 2016 80,000; General and administrative expenses 40,000; Accounts receivable, Dec. 31, 2016 320,000. The balance of the deferred gross profit account, end of 2016 should be: * O A. P192,000 O B. P128,000 O C. P96,000 O D. P80,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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