What amount of realized gross profit should be reported

Assignment Help Accounting Basics
Reference no: EM132283986

Question - Installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of counting include:

Installment of sales 750,000 900,000

Cost of Installment Sales 450,000 630,000

Gross Profit 300,000 270,000

Collections during year

On 2017 Sales 250,000 250,000

On 2018 Sales 300,000

What amount of realized gross profit should be reported on the income statement for 2018?

Reference no: EM132283986

Questions Cloud

What dollar value of supplies expense will be reported : Bravo Company had $5,100 of supplies on hand at the beginning of 2016. What dollar value of Supplies Expense will be reported in the annual financial statements
Essay on any one health assessment using gibbs reflective : Reflect on what you have learnt this semester related to a specific aspect of health assessment - what this will mean for you as a student on clinical
What is enlightened self-interest explain : Accounting Ethics and Governance - What is 'enlightened self-interest'? Explain. What is 'de-professionalisation' of accounting? Explain
What amount of installment accounts receivable : What amount of installment accounts receivable should be presented in Gamgee's 12/31/19 balance sheet
What amount of realized gross profit should be reported : Installment method of accounting to recognize income in its financial statement. What amount of realized gross profit should be reported on the income statement
Calculate the dividends per share on each class of stock : Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places
Calculate the overall effects of these transactions : Salaries owed to employees - $900. Calculate the overall effects of these transactions on the store's reported income for 2018
How the real interest rate will change : If the expected rate of inflation suddenly rises to 8.6%, what does Fisher's theory say about how the real interest rate will change
What is the transaction price and when recognized : The present value of the future payments is $510,700. What is the transaction price and when recognized

Reviews

Write a Review

Accounting Basics Questions & Answers

  Distinguish between the accounting treatment

Distinguish between the accounting treatment of a manufacturer's warranty and an extended warranty. Why the difference?

  What is adjusted gross income

What is total "For AGI" deductions? What is Adjusted Gross Income? What is Schedule A deduction for taxes? What is the Schedule A deduction for interest expense

  What influence has it had on accounting entries

What has been the effect of this practice on accounting? What is its relation to the accrual system? What influence has it had on accounting entries and methodology?

  Calculate the profitability of the johnson brands account

In addition to these costs, product costs amount to 85 percent of sales. Required - Calculate the profitability of the Johnson Brands account

  Doughboy bakery would like to buy a new machine for putting

doughboy bakery would like to buy a new machine for putting icing and other toppings on pastries. these are now put on

  Lewis is an unmarried law student at state university a

lewis is an unmarried law student at state university a qualified educational institution. last year lewis borrowed

  Discuss the x company produced in one month

The solutions gives None of the above. Can someone explain me why it couldn't be $1.25 unit instead

  Blanton to record interest on decembe

Determine the price of the bonds issued on January 1, 2011.

  Do the calculations from requirements b and c

Do the calculations from Requirements b and c confirm your speculations in Requirement a?

  What is the weighted-average unit contribution margin

NoFly Corporation sells three different models of a mosquito "zapper." What is the weighted-average unit contribution margin

  Which of the following is not descriptive of external

which of the following is not descriptive of external environmental scanning? a. used as a tool to ensure a

  Record the transactions on the books

Assume information similar to that in Do It! 5-1. That is: On October 5, Lane Company buys merchandise on account from O'Brien Company.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd