Pacific Corp. uses the installment method of reporting. The following data were gathered for its three years of operations: What is the total realized gross profit and amount of gain (loss) on repossession in 2009? (Use (parenthesis) if there is a loss)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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2007
2008
2,009
Installment sales
300,000
405,000
495,000
Cost of installment sales
210,000
243,000
321,750
Gross profit rate
30%
40%
35%
Balance of installment receivable, Dec. 31:
2007 installment sales
180,000
135,000
60,000
2008 installment sales
300,000
195,000
2009 installment sales
390,000
Transcribed Image Text:2007 2008 2,009 Installment sales 300,000 405,000 495,000 Cost of installment sales 210,000 243,000 321,750 Gross profit rate 30% 40% 35% Balance of installment receivable, Dec. 31: 2007 installment sales 180,000 135,000 60,000 2008 installment sales 300,000 195,000 2009 installment sales 390,000
Pacific Corp. uses the installment method of
reporting. The following data were gathered
for its three years of operations:
What is the total realized gross profit and
amount of gain (loss) on repossession in
2009? (Use (parenthesis) if there is a loss)
Transcribed Image Text:Pacific Corp. uses the installment method of reporting. The following data were gathered for its three years of operations: What is the total realized gross profit and amount of gain (loss) on repossession in 2009? (Use (parenthesis) if there is a loss)
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