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Valır Co., which began operations on January 1, 2021, appropriately uses the installment method of accounting to record revenues. The following information is available for the years ended December 31, 2021 and 2022: 2021 2022 Sales 1,000,000 2,000,000 Gross profit realized on sales made in: 2021 150,000 90,000 2022 200,000 Gross profit percentages 30% 40%

Valır Co., which began operations on January 1, 2021, appropriately uses the installment method of accounting to record revenues. The following information is available for the years ended December 31, 2021 and 2022: 2021 2022 Sales 1,000,000 2,000,000 Gross profit realized on sales made in: 2021 150,000 90,000 2022 200,000 Gross profit percentages 30% 40%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Valir Co., which began operations on January 1, 2021, appropriately uses the installment method of accounting to record revenues. The following information is available for the years ended December 31, 2021 and 2022: 2021 2022 Sales 1,000,000 2,000,000 Gross profit realized on sales made in: 2021 150,000 90,000 2022 200,000 Gross profit percentages 30% 40% What amount of installment accounts receivable should be reported in its December 31, 2022 balance sheet? О 1,700,000 O 1,775,000 O 1,225,000 O 1,300,000
Transcribed Image Text:Valir Co., which began operations on January 1, 2021, appropriately uses the installment method of accounting to record revenues. The following information is available for the years ended December 31, 2021 and 2022: 2021 2022 Sales 1,000,000 2,000,000 Gross profit realized on sales made in: 2021 150,000 90,000 2022 200,000 Gross profit percentages 30% 40% What amount of installment accounts receivable should be reported in its December 31, 2022 balance sheet? О 1,700,000 O 1,775,000 O 1,225,000 O 1,300,000
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