The following information was obtained from the books of accounts of Scooby, Inc. on August 30, 2010: Deferred gross profit balance (After Adjustment) Total collections on installment sales P1,111,000 2,420,000 Gross profit rate based on cost 25% Scooby, Inc. uses the installment method of accounting. What is Scooby's total installment sales for 2010?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information was obtained from the books of
accounts of Scooby, Inc. on August 30, 2010:
P1,111,000
2,420,000
Deferred gross profit balance (After Adjustment)
Total collections on installment sales
Gross profit rate based on cost
25%
Scooby, Inc. uses the installment method of accounting. What is
Scooby's total installment sales for 2010?
Transcribed Image Text:The following information was obtained from the books of accounts of Scooby, Inc. on August 30, 2010: P1,111,000 2,420,000 Deferred gross profit balance (After Adjustment) Total collections on installment sales Gross profit rate based on cost 25% Scooby, Inc. uses the installment method of accounting. What is Scooby's total installment sales for 2010?
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