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    (Resa2016) Afar (Quiz 1)

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    PC
    Kanlaon Corporation started operations in 2015 selling home appliances and furniture on cash or installment basis. Data is provided for installment sales from 2015-2017, which shows increasing annual sales amounts. Installment accounts receivable balances at the start and end of each year are also given. The document provides a trial balance for GG Sales Corporation as of December 31, 2016, which includes accounts related to installment sales.

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    (Resa2016) Afar (Quiz 1)

    Uploaded by

    PC
    84 views6 pages
    Kanlaon Corporation started operations in 2015 selling home appliances and furniture on cash or installment basis. Data is provided for installment sales from 2015-2017, which shows increasing annual sales amounts. Installment accounts receivable balances at the start and end of each year are also given. The document provides a trial balance for GG Sales Corporation as of December 31, 2016, which includes accounts related to installment sales.

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    AFAR

    Original Title

    [Resa2016] Afar (Quiz 1)

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    Kanlaon Corporation started operations in 2015 selling home appliances and furniture on cash or installment basis. Data is provided for installment sales from 2015-2017, which shows increasing annual sales amounts. Installment accounts receivable balances at the start and end of each year are also given. The document provides a trial balance for GG Sales Corporation as of December 31, 2016, which includes accounts related to installment sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    84 views6 pages

    (Resa2016) Afar (Quiz 1)

    Uploaded by

    PC
    Kanlaon Corporation started operations in 2015 selling home appliances and furniture on cash or installment basis. Data is provided for installment sales from 2015-2017, which shows increasing annual sales amounts. Installment accounts receivable balances at the start and end of each year are also given. The document provides a trial balance for GG Sales Corporation as of December 31, 2016, which includes accounts related to installment sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    Kanlaon Corporation started operations on January 1, 2015 selling horne.

    appliances and furniture sets both for cash


    and on Installment basis. Data on the installment sales operations of the Company gathered for the years ending

    Accounts payable P -178,940 P 243,650


    Notes payable 200,000 345,090
    XX, ,capital 641 97,6 0-
    ,

    ,YY, capital - - 728 352


    Total 21IDNIVR _i
    ....,...._.,........
    NN P278,400 1/2
    SS ., ....,.....,. 417,600 1/3 _
    Ji 192,000 1/6

    p_4 _
    - 20.,14 29_5
    r
    Installment sales P 365 500 P417,800 P610,750
    Gross profit rate - 36% 39% 40%
    The balances on the Installment Accounts Receivable controlling accounts at the beginning and enci , of 2005 were:
    . 2015 .
    From sales rnade in: 3anua 1 _
    December . 31
    2013 P 17 400
    2014, . _ 205 400 P 25,800
    2015 S 305 520
    Cash
    P240 000 FF capital (30%) P 200,000
    Other assets 360 000 GG, caeital 30% ... , 170,000
    PP, capital (40%)....2.,... 230,000
    aaw..6.0
    Using installment method, compute the realized gross profit in 2016:
    A. P 2,200 C. P12,506
    - B. 10,575 D. 25,275

    Items. 25 to 31 are based on the following information:


    The following trial balance was prepared for the GG Sales Corporation on December 31, 2016:

    Th4
    ' \

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