23. Cel Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the...

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23. Cel Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the following were reported:

Cost of installment sales 1,050,000

Loss on repossessions 27,000

FV of repossessed merchandise 225,000

Account defaulted 360,000

DGP, December 31, adjusted 216,000

What is the collections during the year?

a. 780,000

b. 420,000

c. 720,000

d. 1,429,091

Related Book For answer-question

Financial Accounting Information for Decisions

ISBN: 978-1259533006

8th edition

Authors: John J. Wild

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Posted Date: May 02, 2021 07:45 AM

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23. Cel Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the...

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Financial Accounting Information for Decisions

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