(Answered) Question installment-sales computations and entries paul

Accounting

Question: (Installment-Sales Computations and Entries) Paul Dobson Stores sell appliances for cash and also on the installment plan. Entries to record cost of sales are made monthly

From the trial balance and accompanying information:

(a) Compute the rate of gross profit on installment sales for 2014 and 2015.

(b) Prepare closing entries as of December 31, 2015, under the installment-sales method of accounting.

(c) Prepare an income statement for the year ended December 31, 2015. Include only the realized gross profit in the income statement.

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