INGATSAGOT Company began operations on January 1, 2017. The following data pertain to INGATSAGOT operations for the year 2017:Installment sales (before over/under-allowance)31,500,000Operating expenses4,025,000Regular sales13,125,000Total collections for the year (excluding interest of P840,000)20,880.000Cost of regular sales7,525,000Cost of installment sales22,050,000Accounts receivable, end5,125,000Installment receivable written-off1.540,000Estimated resale value of repossessed merchandise2,900,000Repossessed accounts3,500,000Actual value of trade-in merchandise2,800,000Trade-in allowance4,900,000575,000Reconditioning cost of the repossessed merchandise15%Profit usual on the sale of repossessed merchandiseAdditional information: The company gives allowance to used merchandise for installment sale purposes only.How much is the deferred gross profit account (after adjustment) balance as of December 31, 2017

Account receivablesThe amount of money that a company has to receive from the customers is called…

INGATSAGOT Company began operations on January 1, 2017. The following data pertain to INGATSAGOT operations for the year 2017: Installment sales (before over/under-allowance) Operating expenses Regular sales Total collections for the year (excluding interest of P840,000) 31,500,000 4,025,000 13,125,000 20,880,000 7,525,000 22,050,000 Cost of regular sales Cost of installment sales Accounts receivable, end Installment receivable written-off Estimated resale value of repossessed merchandise Repossessed accounts Actual value of trade-in merchandise Trade-in allowance Reconditioning cost of the repossessed merchandise Profit usual on the sale of repossessed merchandise Additional information: The company gives allowance to used merchandise for installment sale purposes only. How much is the deferred gross profit account (after adjustment) balance as of December 31, 2017 5,125,000 1,540,000 2,900,000 3,500,000 2,800,000 4,900,000 575,000 15%

INGATSAGOT Company began operations on January 1, 2017. The following data pertain to INGATSAGOT operations for the year 2017: Installment sales (before over/under-allowance) Operating expenses Regular sales Total collections for the year (excluding interest of P840,000) 31,500,000 4,025,000 13,125,000 20,880,000 7,525,000 22,050,000 Cost of regular sales Cost of installment sales Accounts receivable, end Installment receivable written-off Estimated resale value of repossessed merchandise Repossessed accounts Actual value of trade-in merchandise Trade-in allowance Reconditioning cost of the repossessed merchandise Profit usual on the sale of repossessed merchandise Additional information: The company gives allowance to used merchandise for installment sale purposes only. How much is the deferred gross profit account (after adjustment) balance as of December 31, 2017 5,125,000 1,540,000 2,900,000 3,500,000 2,800,000 4,900,000 575,000 15%

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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