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How much is the Realized Gross Profit in 2008?

How much is the Realized Gross Profit in 2008?

FINANCIAL ACCOUNTING
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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Problem 13. LL Incorporated which began operating on January 2008 appropriately uses the installment method of accounting. The following information pertains to LL's operations in 2008. Installment sales P600,000 Regular sales 800,000 Cost of Installment sales 270,000 Cost of Regular sales Operating expenses 440,000 200,000 Collections on installment sales 150,000 Collections on regular sales 200,000 How much is the Realized Gross Profit in 2008? a. P690,000 b. P242,500 c. P82,500 d. P442,500
Transcribed Image Text:Problem 13. LL Incorporated which began operating on January 2008 appropriately uses the installment method of accounting. The following information pertains to LL's operations in 2008. Installment sales P600,000 Regular sales 800,000 Cost of Installment sales 270,000 Cost of Regular sales Operating expenses 440,000 200,000 Collections on installment sales 150,000 Collections on regular sales 200,000 How much is the Realized Gross Profit in 2008? a. P690,000 b. P242,500 c. P82,500 d. P442,500
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