(Answered) Question - company began operations on january 1 2010 and

Accounting

Question - Company began operations on January 1, 2010, and appropriately uses the installment method of accounting. The following data are available for 2010:

Installment accounts receivable: 12/31/2010 $600,000

Installment sales for 2010: $1,050,000

Gross Profit on sales 40%

Under the installment method, company's deferred gross profit at December 31, 2010 would be.

a. 360,000

b. 270,000

c. 240,000

d. 180,000

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