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
Chapter1: Financial Statements And Business Decisions
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