Installment sales ? ? Cost of sales 600,000 660,000 Installment receivable - 20x1 600,000 400,000 Installment receivable - 20x2 720,000 Gross profit rates based on sales 40% 45% How much is the total realized gross profit in 20x2?
Installment sales ? ? Cost of sales 600,000 660,000 Installment receivable - 20x1 600,000 400,000 Installment receivable - 20x2 720,000 Gross profit rates based on sales 40% 45% How much is the total realized gross profit in 20x2?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Installment sales
?
?
Cost of sales
600,000
660,000
Installment receivable - 20x1
600,000
400,000
Installment receivable - 20x2
720,000
Gross profit rates based on sales
40%
45%
How much is the total realized gross profit in 20x2?
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