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Question - Oro Company began operations on January 1, 2012 and appropriately uses the installment sales method of accounting. The following data are available for 2012 and 2013:
2012 2013
Installment sales P1,500,000 P1,800,000
Gross profit on sales 30% 40%
Cash collections from:
2012 sales 500,000 600,000
2013 sales - 700,000
Required - Compute the realized gross profit for 2013?
a. P720,000
b. 520,000
c. 460,000
d. 280,000
Accounts Payable $4,600, Prepaid Rent $2,000, Supplies $400, Bank Loan $1,900, and Tools $300. Determine the Baltimore's total liabilities
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