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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F645201b8-4b83-40cc-a555-356672d6ba94%2F6361e195-7843-4d37-803d-6c871b64a745%2Fmsi9hx_processed.jpeg&w=3840&q=75)
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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