Marshmallow owns a personal car which he sold in installment on November 1, 2018 as follows: Date
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Question:
Marshmallow owns a personal car which he sold in installment on November 1, 2018 as follows:
Date of acquisitionMarch 30, 2016
Acquisition cost P 300,000
Terms of payment
Down paymentNovember 1, 2018P 50,000
Due onDecember 1, 2018 50,000
Due onJanuary 1, 2019 150,000
Due onFebruary 1, 2020 150,000
Requirement :
The initial payment in 2018 is
The amount of gain to be reported in 2018 is
The amount of gain to be reported on 2019 is
Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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