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Find deferred gross profit account in Marcum balance sheet

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Reference no: EM132758362

Question - Marcum Co., which began operations on January 1, 2010, appropriately uses the installment method of accounting. The following information pertains to Marcum's operations for the year 2010:

Installment sales P1,500,000

Regular sales 600,000

Cost of installment sales 750,000

Cost of regular sales 300,000

General and administrative expenses 100,000

Collections on installment sales 300,000

Required - Find the deferred gross profit account in Marcum's December 31, 2010 balance sheet?

a. P150,000

b. P480,000

c. P600,000

d. P750,000

Reference no: EM132758362

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