During 2010 vaughn corporation sold merchandise costing, Ask an Expert

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During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000.

What is the rate of gross profit on the installment sales made by Vaughn Corporation during 2010?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404370

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