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1. MM Company had installment sales of P1,200,000 in 2007 and P1,500,000 in 2008. Cash collections from 2007 sales were P400,000 in 2007 and P500,000 in 2008. Cash collections from 2008 sales were P600,000. The realized gross profit for 2008 was P440,000. 2. TT Company began business on January 1, 2008. Installment accounts receivable on December 31, 2008 were P200,000 and deferred gross profit was P140,000. The cash collections and realized gross profit for 2008 should be P150,000 and P80,000 respectively

Author

Joshua Gabrielle B. Galido

Language

EN