The following information was obtained from the books of accounts of Scooby, Inc. on August 30, 2010: Deferred gross profit balance (After Adjustment) Total collections on installment sales P1,111,000 2,420,000 Gross profit rate based on cost 25% Scooby, Inc. uses the installment method of accounting. What is Scooby's total installment sales for 2010?
The following information was obtained from the books of accounts of Scooby, Inc. on August 30, 2010: Deferred gross profit balance (After Adjustment) Total collections on installment sales P1,111,000 2,420,000 Gross profit rate based on cost 25% Scooby, Inc. uses the installment method of accounting. What is Scooby's total installment sales for 2010?
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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