Miller company appropriately uses the installment method of

Reference no: EM13600137

Miller Company appropriately uses the installment method of accounting to recognize income in its financial statements. Pertinent data relating to this method of accounting includes: installment sales totaled $400,000 for 2013 and $500,000 for 2014; cost of sales were $260,000 for 2013 and $300,00 for 2014; in 2013 Miller collected $280,000 from 2013 sales; in 2014 Miller collected $100,000 from 2013 sales and $300,000 from 2014 sales. What amount should Miller report as realized gross profit on the 2014 income statement?

Reference no: EM13600137

Questions Cloud

When there is a balance of under or over applied overhead : when there is a balance of under or over applied overhead there are two acceptable methods for closing out this

On december 31 2011 lang corporation leased a ship from : on december 31 2011 lang corporation leased a ship from fort company for an eight-year period expiring december 30

A total of 29 units were started and 4 spoiled units were : a total of 29 units were started and 4 spoiled units were detected and rejected at final inspection yielding 25 good

On december 312008 the board of directors declared the full : on december 312008 the board of directors declared the full annual stated cash dividend on the preferred stock and a

Miller company appropriately uses the installment method of : miller company appropriately uses the installment method of accounting to recognize income in its financial

Jot construction company uses the percentage-of-completion : jot construction company uses the percentage-of-completion method of accounting. in 2013 jot began work on a contract

Compute sagaworths net cash flow from operating activities : compute sagaworths net cash flow from operating activities under the direct method. net loss 380000. depreciation

Maxson products distributes a single product a woven basket : maxson products distributes a single product a woven basket whose selling price is 8 and whose variable cost is 6 per

In davis corporations most recent fiscal year the company : in davis corporations most recent fiscal year the company reported pretax earnings of 215000.fixed costs totaled 325800

User Account

All Pages