(Answered) Question - company appropriately used the installment

Accounting

Question - Company appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include:

Installment sales 750,000 900,000

Cost of installment Sales 450,000 630,000

Gross Profit 300,000 270,000

Collections during year:

On 2017 Sales 250,000 250,000

On 2018 Sales 300,000

What amount of realized grow profit should be reported on the income statement for 2018?

A) 165,000

B) 190,000

C) 220,000

D) 270,000

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93108486
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - personal budgetat the beginning of the school

Question - Personal Budget At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on Dec ...

Question - concord could borrow 107700 from its bank to

Question - Concord could borrow $107,700 from its bank to finance the purchase at an annual rate of 10%. Should Concord borrow from the bank or use the manufacturer's payment plan to pay for the equipment?

Question -how much do i need to invest every month today in

Question - How much do I need to invest every month today in order to have a $1 million retirement fund in 35 years? Assume the interest rate of 5%, compounded daily. So you just won the lottery. What's a better deal $25 ...

Assignment on principles of income tax -question 1 -kristie

ASSIGNMENT ON PRINCIPLES OF INCOME TAX - QUESTION 1 - Kristie is 42 and decided to buy an investment property with the view to selling the land in the future to fund her retirement. She considered between buying an inner ...

Question - at the beginning of the year management had

Question - At the beginning of the year, management had estimated that total manufacturing overhead would be $591,360 and had planned to apply overhead to jobs based on an estimated use 42,240 of machine hours. The actua ...

Discussion accounts receivablesfinancial accountingaccounts

Discussion: "Accounts Receivables" Financial Accounting Accounts Receivables • What is the importance of the turnover of Accounts Receivables? • Why is it is essential for organizations to keep cash reserves on hands? • ...

Question - on january 1 year 1 homeland entity he signed a

Question - On January 1, year 1, Homeland Entity (HE) signed a 20-year lease contract for an office building. The lease contract calls for HE to make payments of $10,000 at the beginning of each year, with the first paym ...

Question - at december 31 2014 the available for sale

Question - At December 31, 2014, the available for sale equity portfolio for xyz corp. is as follows. Security Cost Fair Value Stock A 33,600 31,000 Stock B 175,000 174,000 Stock C 59,400 68,500 Total 268,000 273,500 Dec ...

Question provide complete answers to the following two

Question: Provide complete answers to the following two problems: 1. Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards. 2. The ...

Question - from the information below bank reconciliation

Question - From the information below, bank reconciliation for the month of January 2015. (a) January 31, 2015 cash balance per book for the company is $35,342.02 (b) Bank statement balance at January 31, 2015 is $33,017 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert