200720082,009Installment sales300,000405,000495,000Cost of installment sales210,000243,000321,750Gross profit rate30%40%35%Balance of installment receivable, Dec. 31:2007 installment sales180,000135,00060,0002008 installment sales300,000195,0002009 installment sales390,000 Pacific Corp. uses the installment method ofreporting. The following data were gatheredfor its three years of operations:What is the total realized gross profit andamount of gain (loss) on repossession in2009? (Use (parenthesis) if there is a loss)

Sales are the proceeds from the delivery of goods and services. It can be on a credit basis and cash…

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)

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

Section: Chapter Questions

Problem 1Q

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Question

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)

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