Please answer both subparts without handwritten typed #Cloudy Co. uses the installment sales method of accountInformation on Cloudy's past operations follows:Installment salesCost of salesGross profit rateInstallment accounts receivable, Dec. 31:From 20x1 installment sales- From 20x2 installment sales- From 20x3 installment sales20x120x2201300,000 405,000 495210,000 243,000 32130%40%180,000In 20x3, a customer defaulted. Accordingly, the merchandise withan estimated value of P15,000 was repossessed. The sale was madein 20x1 and the unpaid balance on the date of repossession wasP22,500.a. (690)60,000135,000300,000 195,000390,00015. How much was the total realized gross profit in 20x3?a. 98,400d. 79,500 c. 89,400d. 94,500(AICPA)(AICPA)16. How much was the gain (loss) on the repossession in 20x3?b. 690d. 750(750)

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Description: Please answer both subparts without handwritten typed #Cloudy Co. uses the installment sales method of accountInformation on Cloudy's past operations follows:Installment salesCost of salesGross profit rateInstallment accounts receivable, Dec. 31:From

ANSWER:- 15) Total realised gross profit in 20X3 = 94,500 (option D) 16) (Loss)/ Gain on Reposession…

Business

Accounting

Information on Cloudy's past operations follows: Installment sales Cost of sales Gross profit rate Installment accounts receivable, Dec. 31: - From 20x1 installment sales - From 20x2 installment sales From 20x3 installment sales of accounti 20x1 20x2 20 300,000 405,000 495 210,000 243,000 321 30% 40% 180,000 600 135,000 300,000 195,00 390,000 In 20x3, a customer defaulted. Accordingly, the merchandise with an estimated value of P15,000 was repossessed. The sale was made in 20x1 and the unpaid balance on the date of repossession 11

Information on Cloudy's past operations follows: Installment sales Cost of sales Gross profit rate Installment accounts receivable, Dec. 31: - From 20x1 installment sales - From 20x2 installment sales From 20x3 installment sales of accounti 20x1 20x2 20 300,000 405,000 495 210,000 243,000 321 30% 40% 180,000 600 135,000 300,000 195,00 390,000 In 20x3, a customer defaulted. Accordingly, the merchandise with an estimated value of P15,000 was repossessed. The sale was made in 20x1 and the unpaid balance on the date of repossession 11

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

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Please answer both subparts without handwritten typed

#Cloudy Co. uses the installment sales method of account
Information on Cloudy's past operations follows:
Installment sales
Cost of sales
Gross profit rate
Installment accounts receivable, Dec. 31:
From 20x1 installment sales
- From 20x2 installment sales
- From 20x3 installment sales
20x1
20x2
201
300,000 405,000 495
210,000 243,000 321
30%
40%
180,000
In 20x3, a customer defaulted. Accordingly, the merchandise with
an estimated value of P15,000 was repossessed. The sale was made
in 20x1 and the unpaid balance on the date of repossession was
P22,500.
a. (690)
60,000
135,000
300,000 195,000
390,000
15. How much was the total realized gross profit in 20x3?
a. 98,400
d. 79,500 c. 89,400
d. 94,500
(AICPA)
(AICPA)
16. How much was the gain (loss) on the repossession in 20x3?
b. 690
d. 750
(750)

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