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How much is the cost of repossessed merchandise

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Q1. Idia company, which began business on January 1, 2019, appropriately uses the installment sales method of accounting. The following data are available for 2019: Installments accounts receivable, 12/31/19 P100,000

Deferred gross profit, 12/31/19 (before recognition

Of realized gross profit) 70,000

Gross profit on sales 40%

How much is the realized gross profit on installment sales for 2019?

Q2. Shella company uses the installment sales method in accounting for its installment sales. On January 1, 2019, Shella company had an installment account receivable from Ran with a balance of P9,000. During 2019, P2,000 was collected from Ran. When o further collection could be made, the merchandise sold to Ran was repossessed. The merchandise had a fair market value of P3,250 after the company spent for P300 for reconditioning of the merchandise. The merchandise was originally sold with a gross profit rate of 40%. How much is the cost of repossessed merchandise?

Reference no: EM132953589

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