Answer number 4 and 5 only PROBLEMThe following data pertain to instalment sales of Mickey's store:• Down payment, 20%.• Instaiment sales: P545,000 in Year 1; P785,000 in Year 2; and P968,000 in Year 3.• Mark-up on cost, 35%.• Collections after down payment: 40% in the year of sale, 35% in the year after sale, and 25% in the third year.Note: Round off the decimal factors to the nearest whole number. Sample - 35.74% to 36%REQUIREMENTS:1. The realized gross profit in year 12. The realized gross profit in year 33. The unrealized gross profit for instaiment sales made during Year 2, as of the end of Year 24. The instalment account receivables at the end of year 35. The unrealized gross profit at the end of year 3

Sales is the proceeds from delivery of goods and services by the business. Under instalment sales,…

Answered: Answer number 4 and 5 only

Business

Accounting

Answer number 4 and 5 only

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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Concept explainers

Stock Market Indices

Stock indexes are used to compare the price fluctuations of a group of stocks of similar companies, which are combined based on a similar industry or a particular market capitalization limit or type of market. The price comparison is based on a pre-determined standard method or indicators. These stock indexes are usually considered a base for comparison of a particular stock, and the performance of that particular company can be easily determined.

Question

Answer number 4 and 5 only

PROBLEM
The following data pertain to instalment sales of Mickey's store:
• Down payment, 20%.
• Instaiment sales: P545,000 in Year 1; P785,000 in Year 2; and P968,000 in Year 3.
• Mark-up on cost, 35%.
• Collections after down payment: 40% in the year of sale, 35% in the year after sale, and 25% in the third year.
Note: Round off the decimal factors to the nearest whole number. Sample - 35.74% to 36%
REQUIREMENTS:
1. The realized gross profit in year 1
2. The realized gross profit in year 3
3. The unrealized gross profit for instaiment sales made during Year 2, as of the end of Year 2
4. The instalment account receivables at the end of year 3
5. The unrealized gross profit at the end of year 3

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