Installment Sales Cost of Installment Sales Gross Profit 1,500,000.00 2,400,000.00 8 1 2,400,000.00 2 6 9 Gross Profit Rate on Sales 3 7 10 Gross Profit Rate on Cost 50% Collection : 2011 Contract 2012 Contract 4 750,000.00 600,000.00 30,000.00 11 2013 Contract 600,000.00 150,000.00 Defaulted Contract of 2012 Realized Gross Profit Merchandise Repossession Loss on Repossession 211,200.00 420,000.00 12 90,000.00 15,000.00 Contract Balance of 2011 13 010
Installment Sales Cost of Installment Sales Gross Profit 1,500,000.00 2,400,000.00 8 1 2,400,000.00 2 6 9 Gross Profit Rate on Sales 3 7 10 Gross Profit Rate on Cost 50% Collection : 2011 Contract 2012 Contract 4 750,000.00 600,000.00 30,000.00 11 2013 Contract 600,000.00 150,000.00 Defaulted Contract of 2012 Realized Gross Profit Merchandise Repossession Loss on Repossession 211,200.00 420,000.00 12 90,000.00 15,000.00 Contract Balance of 2011 13 010
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer.
1. Cost of Installment Sales (2011)
2. Gross Profit (2011)
3. Gross Profit Rate on Sales (2011)
4. Collection : 2011 Contract (2011)
5. Cost of Installment Sales (2012)
6. Gross Profit (2012)
7. Gross Profit Rate on Sales (2012)
8. Installment Sales (2013)
9. Gross Profit (2013)
10. Gross Profit Rate on Sales (2013)
11. Collection : 2012 Contract (2013)
12. Realized Gross Profit (2013)
13. Contract Balance of 2011
14. Contract Balance of 2012
15. Contract Balance of 2013
Transcribed Image Text:2011
2012
2013
Installment Sales
1,500,000.00 2,400,000.00
8
Cost of Installment Sales
1
5
2,400,000.00
Gross Profit
2
Gross Profit Rate on Sales
3
7
10
Gross Profit Rate on Cost
50%
Collection : 2011 Contract
4
750,000.00
600,000.00
30,000.00
2012 Contract
11
2013 Contract
600,000.00
150,000.00
Defaulted Contract of 2012
Realized Gross Profit
211,200.00
420,000.00
12
Merchandise Repossession
Loss on Repossession
90,000.00
15,000.00
13
Contract Balance of 2011
Contract Balance of 2012
14
Contract Balance of 2013
15
Deferred Gross Profit 2012
270,000.00
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