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On March 1, 2016, the PHILIPPINE Company sold machine for P155000. The machine costs #100,000. The customer is allowed a trade-in allowance of P50,000 for an old machine. A down payment of 945,000 was made and the balance is to be paid in 12 monthly instalments of $5,000 each payable at the end of each month beginning March 31. The old machine is estimated to have a resale value of #70000 after incurring a reconditioning cost of $7,500. The seller expects a 20% profit from the sale Of used machine; commission is 5%
Problem 1: What is the fair market value of the machine received?
Problem 2: What is the correct adjusted entry to record the instalment sales?
a. 970,000 b. P62,500 c. 948,500 d. 945,000
Problem 3: What is the gross profit rate?
a. 30% b. 33.33% c. 35.48% d. 40%
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