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What would be roco deferred gross profit at december

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Reference no: EM132549740

Roco Corp., which began business on January 1, 2013, appropriately uses the installment sales method of accounting for income tax reporting purposes. The following data are available for 2013:

Installment accounts receivable, 12/31/2013 P200,000

Installment sales for 2013 350,000

Gross profit on sales 40%

Question 1: Under the installment method, what would be Roco's deferred gross profit at December 31, 2013?

a. P20,000

b. 90,000

c. 80,000

d. 60,000

Reference no: EM132549740

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