Question: P Computers Inc. sells computers on the installment basis. For the year ended December 31, 2011, the following were reported: Cost of installment sales P525,000

  1. P Computers Inc. sells computers on the installment basis. For the year ended December 31, 2011, the following were reported:

Cost of installment sales

P525,000

Loss on repossessions

13,500

Fair value of repossessed merchandise

112,500

Account defaulted

180,000

Deferred gross profit, December 31

108,000

How much was collected during the year?

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