The unrealized gross profit for the installment sales made during 2021 as at the end of 2021 is The following information pertain to installment sales of Lapillus Variety Store:Down payment: 20%Installment sales: P545, 000 in 2020, P785,000 in 2021, and P968,000 in 2022Markup on cost: 35%..Collections after down payment: 40% during year of sale, 35% during the year after sale, and 25% on the third year.

Unrealized Gross Profit: It is profit which is not earned but expected as per the market value of…

tioh pertain to installment sales of Lapillus Variety Store: payment: 20% ment sales: P545, 000 in 2020, P785,000 in 2021, and P968,000 in 2022 up on cost: 35% ctions after down payment: 40% during year of sale, 35% during the year after sale, and 25% on the thirc

tioh pertain to installment sales of Lapillus Variety Store: payment: 20% ment sales: P545, 000 in 2020, P785,000 in 2021, and P968,000 in 2022 up on cost: 35% ctions after down payment: 40% during year of sale, 35% during the year after sale, and 25% on the thirc

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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Question

The unrealized gross profit for the installment sales made during 2021 as at the end of 2021 is

The following information pertain to installment sales of Lapillus Variety Store:
Down payment: 20%
Installment sales: P545, 000 in 2020, P785,000 in 2021, and P968,000 in 2022
Markup on cost: 35%
.
.
Collections after down payment: 40% during year of sale, 35% during the year after sale, and 25% on the third year.

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