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Hi, I have no idea how to solve this and it is due tomorrow , please help with steps, I thought gross profit would have been 120,000
Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2013 and 2014 is as follows:
2013 2014
Sales $ 300,000 $ 400,000
Cost of sales 180,000 280,000
Customer collections on:
2013 sales 120,000 100,000
2014 sales 150,000
Required:
1.
Calculate the amount of gross profit that would be recognized each year from installment sales.
Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2013 and 2014 is as follows:
2013 2014
Sales $ 300,000 $ 400,000
Cost of sales 180,000 280,000
Customer collections on:
2013 sales 120,000 100,000
2014 sales 150,000
Required:
1.
Calculate the amount of gross profit that would be recognized each year from installment sales.
Accounting Homework Installment Sales Need Help?
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