How much is the total realized gross profit in 20x2?a. 160,000b. 432,000c. 592,000d. 642,000 BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC's transactionsduring 20x1 and 20x2 is shown below:20x120x2Installment sales2,000,0002,400,0001,200,000800,000Cost of sales1,320,000Gross profitCash collections from:1,080,00020x1 sales800,000400,000960,00020x2 salesHow much is the total realized gross profit in 20x2?

Gross profit rate is the one which measures how effectively the company that produces goods and…

BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC's transacti during 20x1 and 20x2 is shown below: 20x1 20x2 2,000,000 1,200,000 Installment sales 2,400,000 Cost of sales 1,320,000 Gross profit Cash collections from: 800,000 1,080,000

BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC's transacti during 20x1 and 20x2 is shown below: 20x1 20x2 2,000,000 1,200,000 Installment sales 2,400,000 Cost of sales 1,320,000 Gross profit Cash collections from: 800,000 1,080,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How much is the total realized gross profit in 20x2?

a. 160,000

b. 432,000

c. 592,000

d. 642,000

BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC's transactions
during 20x1 and 20x2 is shown below:
20x1
20x2
Installment sales
2,000,000
2,400,000
1,200,000
800,000
Cost of sales
1,320,000
Gross profit
Cash collections from:
1,080,000
20x1 sales
800,000
400,000
960,000
20x2 sales
How much is the total realized gross profit in 20x2?

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