Jimin and Suga Company, which sells various things started operations on January 10,2020 on a calendar year basis, and uses the installment method of revenue recognition. The following data were taken from the 2019 and 2020 accounting records: Installment sales Gross profit rates based on cost Cash collection on 2019 sales Cash collection on 2020 sales 2019 P480,000 25% 130,000 2020 P620,000 20% 240,000 160,000
Jimin and Suga Company, which sells various things started operations on January 10,2020 on a calendar year basis, and uses the installment method of revenue recognition. The following data were taken from the 2019 and 2020 accounting records: Installment sales Gross profit rates based on cost Cash collection on 2019 sales Cash collection on 2020 sales 2019 P480,000 25% 130,000 2020 P620,000 20% 240,000 160,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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What is the amount of realized gross profit to be received on December 31, 2020
![Jimin and Suga Company, which sells various things started operations on January 10,2020
on a calendar year basis, and uses the installment method of revenue recognition. The
following data were taken from the 2019 and 2020 accounting records:
Installment sales
Gross profit rates based on cost
Cash collection on 2019 sales
Cash collection on 2020 sales
2019
P480,000
25%
130,000
2020
P620,000
20%
240,000
160,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e8c1726-6c20-4e34-8155-06258941a715%2Fa6703e79-6134-474a-9011-ab0f5fd8cc57%2Fjbqpn0f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jimin and Suga Company, which sells various things started operations on January 10,2020
on a calendar year basis, and uses the installment method of revenue recognition. The
following data were taken from the 2019 and 2020 accounting records:
Installment sales
Gross profit rates based on cost
Cash collection on 2019 sales
Cash collection on 2020 sales
2019
P480,000
25%
130,000
2020
P620,000
20%
240,000
160,000
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