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Hussong, Inc., appropriately uses theinstallment sales method of revenue recognition. The company sold $1,500,000 on installment accounts during 2014. Thecost of items sold was $900,000. At December 31, 2014, Hussong reported a balance of $100,000 in the Deferred Gross Profit account. How much cash did Hussong collect on installment contracts during 2014?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9799447

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