1. Integrity Company sold equipment costing P1,200,000 for.
1. Integrity Company sold equipment costing P1,200,000 for… 1. Integrity Company sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down payment with trade -in value of P600,000. Total collections for the year was P1,500,000, it was also ascertained that the trade in resulted in over-allowance of P100,000. How much is the realized gross profit for the year just ended? 2. On June 1, 2022, City Car Sales sells a new car costing P4,726,400 for P6,804,000. A used car is accepted as a down payment, P960,000 being allowed on the trade in. The used can be resold for P1,458,000 after reconditioning cost of P194,400. The company expects to make a 20% gross profit on the sale of used cars. Over the remainder of 2022, another P520,000 was collected on the contract. Expenses incurred related to the sales are P750,000.Calculate the net income for City Car Sales over the transactions mentioned above. 3. In December, the Tamaraw Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventory system; the cost of manufacturing each set is P3,000.00. At the end of December, the dealer reports the sale of 6 sets at P5,000.00 each and remits sales proceeds less 15% representing commissions and P1,500 for freight paid by the consignee on the receipt of the sets. Delivery expense for the units sold was P1,000. How much is the net income related with the consignment sales?Accounting Business Financial Accounting BSA 351786
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