(Answered) Question at december 31 2014 grinkov corporation had the

Accounting

Question: At December 31, 2014, Grinkov Corporation had the following account balance

Installment Accounts Receivable, 2013 $65,000

Installment Accounts Receivable, 2014 110,000

Deferred Gross Profit, 2013 23,400

Deferred Gross Profit, 2014 41,800

Most of Grinkov's sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov's December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.

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