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What is scooby total installment sale

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Reference no: EM132795324

The following information was obtained from the books of accounts of Scooby, Inc. on August 30, 2010:

Deferred gross profit balance (After Adjustment) P1,111,000

Total collections on installment sales 2,420,000

Gross profit rate based on cost 25%

Problem 1: Scooby, Inc. uses the installment method of accounting. What is Scooby's total installment sales for 2010?

Reference no: EM132795324

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