The Mylene, Inc. began operating at the beginning of the calendar year 2020 and, using the installment method of accounting, presented the following data for the first year: Installment sales - P400,000; Gross margin based on cost - 66-2/3%; Inventory, December 31, 2020 - P80,000; General and administrative expense - P40,000; Accounts Receivable, December 31, 2020 - P320,000. The balance of the deferred gross profit account should be?
The Mylene, Inc. began operating at the beginning of the calendar year 2020 and, using the installment method of accounting, presented the following data for the first year: Installment sales - P400,000; Gross margin based on cost - 66-2/3%; Inventory, December 31, 2020 - P80,000; General and administrative expense - P40,000; Accounts Receivable, December 31, 2020 - P320,000. The balance of the deferred gross profit account should be?
Chapter1: Financial Statements And Business Decisions
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The Mylene, Inc. began operating at the beginning of the calendar year 2020 and, using the installment method of accounting, presented the following data for the first year: Installment sales - P400,000; Gross margin based on cost - 66-2/3%; Inventory, December 31, 2020 - P80,000; General and administrative expense - P40,000; Accounts Receivable , December 31, 2020 - P320,000. The balance of the deferred gross profit account should be?
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