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Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

2014 2015 2016

Sales (on installment plan) $320,000 $220,000 $384,000

Cost of sales 204,800 140,800 241,920

Gross Profit $115,200 $79,200 $142,080

Collections from customers on:

2014 Installment sales $106,000 $117,000 $68,000

2015 Installment sales 71,000 73,000

2016 Installment sales 115,000

A. Compute the realized gross profit for each of the years 2014, 2015, and 2016.

B. Prepare in journal form all entries required in 2016, applying the installment-sales method of accounting.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91525637

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