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Schneider company uses installment sales method below is a

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Reference no: EM13582827

Schneider Company uses installment sales method. Below is a summary of its sales, cost of goods sold, and gross profit for three years.

Description201320142015

Installment sales$250,000$260,000$280,000
Cost of goods sold155,000163,800182,000
Gross profit95,00096,20098,000

Schneider Company's collections from customers are duplicated below:

Description201320142015

2013 installment sales $75,000 $100,000 $50,000

2014 installment sales100,000 120,000

2014 installment sales100,000

Required

Assume Schneider uses installment sales method of accounting

a.Compute the gross profit for 2013, 2014, and 2015.

b.Prepare journal entries for 2015.

Reference no: EM13582827

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