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Oro Company began operations on January 1, 2012 and appropriately uses the installment sales method of accounting. The following data are available for 2012 and 2013:
2012 2013
Installment sales P1,500,000 P1,800,000
Gross profit on sales 30% 40%
Cash collections from:
2012 sales 500,000 600,000
2013 sales - 700,000
Question 1: The realized gross profit for 2013 is:
a. P720,000
b. 520,000
c. 460,000
d. 280,000
Explain which financial appraisal technique you would use and why.
What is the nature of CVS' business? That is, based on what you know about the company and on the accompanying financial statements, how does CVS make money?
No gift tax was paid. Hart, Jr. sold the 25% partnership interest for $85,000 on December 17 of this year. What type and amount of gain should Hart, Jr. report on his current-year tax return?
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In Smalltown, Pennsylvania the demand function for men’s haircuts is given by Qd = 500 – 30p + 0.08Y, where Qd is quantity demanded per month, p the price of a haircut and Y the average monthly income in the town. If Y = $5,000 and w = $10, use Excel..
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