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How much is the installment accounts receivable

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Question - The Marahj Store began operations by selling wholesale merchandise on an installment basis and uses the installment method of accounting. Terms include down-payment of 20% and balance payable in three years; 50% in the year of sale; 30% in the year after; and 20% in the third year. Marahj includes a 25% mark-up on cost for its selling price. Installment sales reported by Marahj are P 550,000 in 2011, P 770,000 in 2012, and P 908,000 in 2013.

How much is the installment accounts receivable at the end of 2013 and unrealized gross profit at the end of 2013?

a. 574,400/121,600

b. 574,400/97,280

c. 486,400/121,600

d. d. 486,400/97,280

Reference no: EM132598548

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