January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to Apple was P1,000,000. Mango gave Apple P300,000 cash and P1,200,000 note payable in 4 annual installments of P300,000 plus 12% interest. Mango made the 1st principal and interest payment on December 31, 2021. Required: How much is the net income related with the sale on installment in 2021?
January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to Apple was P1,000,000. Mango gave Apple P300,000 cash and P1,200,000 note payable in 4 annual installments of P300,000 plus 12% interest. Mango made the 1st principal and interest payment on December 31, 2021. Required: How much is the net income related with the sale on installment in 2021?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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On January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to Apple was P1,000,000. Mango gave Apple P300,000 cash and P1,200,000 note payable in 4 annual installments of P300,000 plus 12% interest. Mango made the 1st principal and interest payment on December 31, 2021.
Required:
How much is the net income related with the sale on installment in 2021?
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