(Answered) Question - rosson corporation which began business on

Accounting

Question - Rosson Corporation, which began business on January 1, 2008. Appropriately uses the installment sales method of accounting for income tax reporting purposes. The following data is available for 2008:

Installment accounts receivable, 12/31/2008: $200,000

Installment Sales for 2008: $350,000

Gross Profit on Sales: 40%

Under the installment sales method, what would be Rosson's deferred gross profit at December 31, 2008?

a. $120,000

b. $90,000

c. $80,000

d. $60,000

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