Answered: How much is the total amount credited…

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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Question

On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of 1,894,200 for P2,800,000. A 20% down payment was made and the balance payable in 8 equal installments of P280,000, payable quarterly starting September 30 and December 30, 2021. The market rate of interest is 12%.

1. How much is the total amount credited to Installment Sales?

2. How much is the total realized gross profit in 2021?

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