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What is the net income

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Reference no: EM132960805

Question - The following selected accounts appeared in the trial balance of CHANGE' Company as of December 31, 2016:

Installment receivable-2015 sales P36,000

Installment receivable-2016 sales 480,000

Inventory, December 31, 2015 168,000

Purchases 1,307,000

Freight in 25,000

Loss on repossession 3,960

Installment Sales 1,020,000

Regular sales 924,000

Selling & Adm. Expenses 276,000

Additional information:

Installment receivable - 2015 sales, January 1, 2016 P342,600

Inventory of new and repossessed merchandise as of January 1, 2017 228,000

Mark-up on regular sales in 2016 is 10 points lower than the gross profit percentage on installment sales in 2015.

There was an installment account written-off amounting to P25,000 in 2016 pertaining to the 2016 sales. The write-off was made during the year and was recorded correctly.

Repossession was made during the middle of the year and was recorded correctly. It was a 2015 sale and the corresponding unrecovered cost is P11,160; related gross profit is P7,440.

What is the net income for 2016?

a. P325,080

b. P317,640

c. P308,140

d. P321,600

Reference no: EM132960805

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