P Computers Inc. sells computers on the installment basis. For the year ended December 31, 2011, the following were reported: Cost of installment sales P525,000 Loss on repossessions 13,500 Fair value of repossessed merchandise 112,500 Account defaulted 180,000 Deferred gross profit, December 31 108,000 How much was collected during the year?
P Computers Inc. sells computers on the installment basis. For the year ended December 31, 2011, the following were reported: Cost of installment sales P525,000 Loss on repossessions 13,500 Fair value of repossessed merchandise 112,500 Account defaulted 180,000 Deferred gross profit, December 31 108,000 How much was collected during the year?
Chapter1: Financial Statements And Business Decisions
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