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How much is the total rgp from the installment sale

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Nikki Inc. sold equipment costing 170,000 to Ryan Co. for 425,000 in September 17, 2015 on installment basis. Ryan Co. monthly pays 25,000 plus 2% interest at the end of each month starting 2 months from the month of sale. On, February 29, 2016, Ryan Co. defaulted on its payments due to financial difficulties. Nikki Inc. immediately repossessed the equipment and is expecting to resell it at 100,000 after incurring reconditioning costs of 15,000 and commission of 1%. The normal gross profit margin on sales of used equipment is 10%.

Question 1: How much is the Loss on Repossession?

Question 2: If Nikki Inc. succeeds to resell the equipment at 100,000, how much is the Net Income in 2016? 7. How much is the total RGP from the installment sale?

Question 3: How much is the unrecovered cost?

Question 4: How much is the DGP after repossession?

Reference no: EM132695527

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