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

See similar textbooks

Related questions

Q: 5. Which two talks last for the same amount of time? Puzzler 0,888 ASTE 248:202 STEITE Each letter…

A: 1. Animal with a sum between 20 and 30: Cat (sum = 3 + 1 + 20 = 24)2. Food with a sum between 50…

Q: for Julu that includor reveDue and spending variances and activity variances. (Indicate

Q: Complete 4 through 11

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: None

A: Step 1: L6: List the expected cash flows for L6.G5: List the expected cash flows for G5. Step…

Q: Can I get help with requirement 4-7 as well?

A: Calculation of Return on Equity (ROE) for the previous year and current year. Return on Equity (ROE)…

Q: I need help with required 4 and 5.

A: Materials and conversion costs are the costs which are incurred during the process of production.…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: Can you please explain the formula for row 9,10,11?

A: Using CAPM formula:Rf+Beta * Risk premium for the market index return

Q: What is the standard quantity of base per bottle?

A: Step 1: Define Standard Quantity Per UnitAny manufacturing firm usually estimates the quantity…

Q: How will you interpret the following figure? Please address every possible point of information.…

A: Depreciation refers to the decline in the cost of the asset due to normal wear and tear caused by…

Q: What is the mode for the following data set: 99,100,99, 100,8,9,8,7,8? Show all works.

A: WE HAVE TO FIND MODE OF THE DATA OBSERAVTIONS: 99,100,99, 100,8,9,8,7,8

Q: sorry I meant answer e4 is coming back incorrect

Q: step 5 and step 6 solution please

A: Treasury stock is the stock of the company purchased by the company from the investors in order to…

Q: Question 3 Listen What are the values of r and r2 for the below table of data? Hint: Make sure your…

A: r = - 0.862r2=(0.862)2=0.743

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: Determine the mode of the set of values. (Enter your answers as a comma-separated list. If there is…

A: An individual observation is a single piece of data or information that is collected from an…

Q: Refer to pictures and only answer require 4 pls thanks

A: An income statement is a financial statement that shows you the company's income and expenditures.…

Q: Which order(s) does not pass the three-way match? Select the best answer. Invoice Total PO Qty…

A: The three-way matching process is a standard procedure in accounting and procurement to ensure…

Q: Required b only, thank you!

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: MULTIPLE CHOICE Question 3 Listen If P(x)=12x³-5x²+2 and Q(x)=8x³+2x²-3x-1, which of the following…

A: Step 1: Given : P(x) =12x3 -5x2 +2Q(x) =8x3 + 2x2 -3x -1 Step 2: Computation P(x)-Q(x)= 12x3 -5x2…

Q: a. Only whole numbers are to be entered as answers. Therefore, DO NOT put any signs in such as $, %,…

A: Predetermined Overhead rate Predetermined Overhead rate is used to apply overheads to the products…

Q: Inacio Corporation uses the weighted-average method in its process costing system. Data concerning…

A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: 2 3

A: Form 1040: Form 1040 is an IRS tax form. Form 1040 is used for personal federal income tax…

Q: Can you answer the last three please

A: 1. Income Statement - Income Statement include income earned and expenses incurred during the…

Q: Use the following table to answer 2) and 3) State Probj R1 (%) R2 Boom 1/5…

A: Expected value = ∑probability*value E(R1) = ∑probj*R1 E(R2) = ∑probj*R2 E[(R1 – E(R1) )(R2 - 4)] =…

Q: Presented below is information for Crane Company for the month of March 2020. Cost of goods sold…

A: Income statement is the financial statement that is prepared by the entity to determine the profits.…

Q: What is the next number in the following sequence? 3 8 15 24 35…

A: The objective of this question is to identify the pattern in the given sequence of numbers and…

Q: If cell B10 contains the formula = $C$8*B10, what is the B10 in the formula? Mixed reference…

A: The objective of the question is to identify the type of cell reference used in the formula =…

Q: Step by step

A: The formula given in the question is as shown on the whiteboard.

Q: please help me to answer 8, 9, 10 and 11.

A: “Since you have posted multiple questions, we will provide the solution only to the first specified…

Q: C unctions Question 3 Listen Given 11π 0 = 3 which of the below statements are true? Press on an…

Q: Question 13: What displays when the range lookup in a lookup function is False and an exact match is…

A: Comment-We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: two questions

A: Prepare an income statement.

Q: Step by step solution

Q: What number is cell D4 referring to on the first part of the question?

A: Given in the question: Annual Lease Payments at the beginning of year $24,000 Lease…

Q: Please answer section d) only

A: Degree of combined leverage (DCL) It is a leverage ratio that includes the combined effects, caused…

Q: Sohr Corporation processes sugar beets that it purchases from farmers. Sugar beets are processed in…

A: Lets understand the basics.When more than one product gets produced from a single process then all…

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

kau.3 answer must be in table format or i will give down vote
annswer for practice 2 please ??????
It says the answer I type in the boxes are wrong. What is the correct solution.
J 7 Choose from list of answer choices and show/explain work.
Question list O Question 1 O Question 2 O Question 3 O Question 4 More Info N 1 2 3 4 5 6 7 8 9 10 To Find F Given P FIP 1.1200 1.2544 1.4049 1.5735 1.7623 1.9738 2.2107 2.4760 2.7731 3.1058 K 0.8929 0,7972 0.7118 0.6355 0.5674 0.5066 0.4523 0.4039 Most likely estimates for a project are as follows. 0.3606 0.3220 To Find P Given F PIF Choose the correct choice below. Determine whether the statement "This project (based upon the most likely estimates) is profitable." is true or false. ✔Click the icon to view the relationship between the PW and the percent change in parameter. Click the icon to view the interest and annuity table for discrete compounding when the MARR is 12% per year False O True To Find F Given A FIA 1.0000 2.1200 3.3744 4.7793 6.3528 8.1152 10.0890 12.2997 14.7757 17.5487 To Find P Given A PIA 0.8929 1.6901 2.4018 3.0373 3.6048 4.1114 4.5638 4.9676 5.3282 5.6502 To Find A Given F AIF 1.0000 04717 0.2963 0.2092 0.1574 0.1232 0.0991 0.0813 0.0877 0.0570 To Find A Given P…
red Question 11 4) Listen Use the graphs below to categorize the statements to describe either Graph A or Graph B. 3 Graph A Graph B 0 #12 " 3/2 2x 0 */2 3/2 2 -1 T graph a graph b Add an answer item! Add an answer item! Answer Bank amplitude = 1 midline is y=3 f(x)= cos(x)+3 amplitude =3 f(x)=3sin(x)+1 midline is y=1 All Change
Req1-Req2 were incorrect. Can you try the problem again ?
Question 3 Listen What are the values of r and r² for the below table of data? Hint: Make sure your diagnostics are turned on. Enter the data into L1 and L2. Click STAT, CALC, and choose option 8: Lin Reg(a+bx). A r = -0.862 r2=0.743 B r=0.673 2=0.820 X y 5 C r=0.743 r2=-0.862 8 22 23.9 14 9 14 17 20 5.2
how do you get the last part? (number 5)
i need typing clear