Sunlight Co. Started operations on January 1, 2018, selling home appliances on instalment basis. For 2018 and2019, the following information are available:20182019Installment SalesCost of Installment salesCollections:For 2018 salesFor 2019 salesP1,500,0001,050,000P1,200,000720,000630,000450,000900,000LOn 2019, an instalment sales account balance of 2008 was defaulted and the merchandise, with currentmarket value of P15,000, was repossessed. The account balance defaulted was P24,000.17. The gross profit rate in 2019?a. 30%b. 40%c. 35%d. 45%18. The balance of the deferred gross profit account as at the end of 2019 wasa. 218,400b. 228,000c. 275,000d. 450,00019. How much is the gain or loss on repossession?a. Gain P600b. Loss P1,800c. Loss P9,000d. Gain P1,800

What is meant by Gross Profit Ratio? Gross profit ratio shows the relationship of cost of goods sold…

Sunlight Co. Started operations on January 1, 2018, selling home appliances on instalment basis. For 2018 and 2019, the following information are available: 2018 P1,200,000 720,000 2019 P1,500,000 1,050,000 Installment Sales Cost of Installment sales Collections: For 2018 sales For 2019 sales 630,000 450,000 900,000

Sunlight Co. Started operations on January 1, 2018, selling home appliances on instalment basis. For 2018 and 2019, the following information are available: 2018 P1,200,000 720,000 2019 P1,500,000 1,050,000 Installment Sales Cost of Installment sales Collections: For 2018 sales For 2019 sales 630,000 450,000 900,000

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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71. Sbject :- Accounting
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