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Homework answers / question archive / PROBLEM 1 MONEY HEIST began operations in 2013

PROBLEM 1 MONEY HEIST began operations in 2013

Accounting

PROBLEM 1 MONEY HEIST began operations in 2013. All sales are on credit, with customers giving notes receivable. The statements of income for the years 2013 and 2014 included, among others, the following: 2013 2014 Revenue - Principal P480, 000 P750,000 Collections Revenue — interest 54, 000 82, 500 collections Cost of Installment Sales 900, 000 924, 000 Operating Expenses 112, 500 157, 500 The balances due on the customers' promissory notes, as at end of 2013 and 2014, were as follows: 2013 2014 Notes Receivable, 2013 P310, 000 P540, 000 Notes Receivable, 2014 900, 000 Discount on 2013 Notes Receivable P 90, 000 66, 000 Discount on 2014 Notes Receivable B4, 000 1. The gross profit realized in 2013 was: 2. The gross profit realized in 2014 on 2013 sales was: 3. The gross profit realized in 2014 on 2014 sales was:

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