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What is the installment accounts receivable at end of year

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Reference no: EM132767489

These data pertain to installment sales of a company:

Down payment, 20%
Installment sales: P545,000 in year 1; P785,000 in year 2; and P968,000 in year 3.
Gross profit based on cost, 35% (Hint: convert to gross profit based on sales)
Collections after down payment: 40% in the year of sale, 35% in the year after sale, and 25% in the third year.

Problem 1: What is the installment accounts receivable at the end of year 3?

a. 685,358
b. 652,722
c. 602,991
d. 621,640

 

 

 

Reference no: EM132767489

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