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FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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9-17: The books of Concepcion, Inc. show the following balances on December 31,
2013:
Accounts Receivable
Deferred Gross Profit (before adjustment)
Analysis and aging of the accounts receivable reveal the following:
Regular Accounts
2012 installment accounts
2013 installment accounts
P627,500
76,000
a. P23,500
b. P52,500
c. P45,000
d. P69,750
P415,000
32,500
180,000
Sales on an installment basis in 2012 were made at 30 percent above cost, in
2013, at 33 1/3 percent above cost. What is the total realized gross profit for the
year ended December 31, 2013:
Transcribed Image Text:9-17: The books of Concepcion, Inc. show the following balances on December 31, 2013: Accounts Receivable Deferred Gross Profit (before adjustment) Analysis and aging of the accounts receivable reveal the following: Regular Accounts 2012 installment accounts 2013 installment accounts P627,500 76,000 a. P23,500 b. P52,500 c. P45,000 d. P69,750 P415,000 32,500 180,000 Sales on an installment basis in 2012 were made at 30 percent above cost, in 2013, at 33 1/3 percent above cost. What is the total realized gross profit for the year ended December 31, 2013:
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