(Answered) Question - installment salesnewton co had installment sales

Accounting

Question - Installment sales

Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,000. The repossessed merchandise had a fair value of $15,000.

Instructions

(a) Calculate the rate of gross profit on 2010 installment sales.

(b) Make the entry to record the repossession.

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