What is the total amount of companys installment sales for, Ask an Expert

Accounting

The following information is available for 1990:

Gross profit on sales: 40%
Deferred gross profit at 12/31/90: $240,000
Cash collected, including down payments: $450,000

What is the total amount of company's installment sales for 1990?

a. $600,000
b. $690,000
c. $850,000
d. $1,050,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418800

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