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(Installment-Sales Method Calculations, Entries) Mandarin Partners appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.
2014 2015
Installment sales $300,000 $750,000
Cost of installment sales 255,000 660,000
Cash collections on 2014 sales 70,000 201,000
Cash collections on 2015 sa -0- 216,000
Instructions
(a) Compute the amount of realized gross profit recognized in each year.
(b) Prepare all journal entries required in 2015.
Do you believe these statements are true, or do you think that they are too cynical and how do feel the accounting standards can be modified for our modern needs?
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