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Find the unrealized profit for the installment sales

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Question - The following information pertains to installment sales of a Company: Installment sales:

Year 1 - P7,500,000

Year 2 - P9,000,000

Mark-up based on sales: Year 1, 35%, Year 2 P40%

Terms of payment: 10% down payment

Balance is payable as follows: 40% in the year of sale

35% year after sale

25% on the third year

Required -

Find the unrealized profit for the installment sales made during year 2 at the end of year 2?

Using the previous information, Find the the installment receivable balance at the end of year 2?

Reference no: EM132804394

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