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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