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(Analysis of Installment-Sales Accounts)
Republic Distributors. appropriately uses the installment-sales method of accounting. On December 31, 2014, the books show balances as follows.
Installment Receivables Deferred Gross Profit Gross Profit on Sales
2012 $ 85,000 $56,800 26%
2013 140,000 80,200 22%
2014 60,000 45,000 25%
Instructions
(a) Prepare the adjusting entry or entries required on December 31, 2014, to recognize 2014 realized gross profit. (Installment receivables have already been credited for cash receipts during 2014.)
(b) Compute the amount of cash collected in 2014 on accounts receivable each year.
on october 29 2010 lue co. began operations by purchasing razors for resale. lue uses the perpetual inventory method.
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