Problem 5: The following selected accounts were taken from the trial balance ofRomen Company as December 31, 2020:750,000150,000450,0002,700,000525,0003,900,00030,000150,000240,000900,0001,800,0004,460,000222,000393,600150,0002,787,500Accounts receivableInstallment receivable – 2018Installment receivable - 2019Installment receivable – 2020Beginning inventoryPurchasesFreight-inRepossessed merchandise @ NRVRepossession lossCash salesCredit salesInstallment salesDeferred gross profit – 2018Deferred gross profit – 2019Operating expensesCost of installment salesAdditional information:a. Gross profit rate for 2018 and 2019 installment sales were 30% and32%, respectively.b. The entry for repossessed goods was:Repossessed MerchandiseRepossession lossInstallment Receivable – 2018150,000240,000180,000210,000c. Merchandise on hand at the end of 2020 (new and repossessed) was 282,000.Installment Received - 2019Required: Compute for the following :1. Total realized gross profit in 2020.2. Net income in 2020.

The question is based on the concept of Financial Accounting.

Answered: Problem 5: The following selected…

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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