P Computers Inc. sells computers on the installment basis. For the year ended December 31, 2011, the
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- 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?
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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