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Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2012 and 2013.
2012--------------------2013
Installment sales-------------- ---$900,000 ---------$1,000,000
Cost of installment sales ------594,000 -----------680,000
Cash collections on 2012 sales-----370,000-- --350,000
Cash collections on 2013 sales --–0– -----------450,000
(a)
Compute the amount of realized gross profit recognized in each year.
Gross profit recognized in 2012
$
Gross profit recognized in 2013
$
Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.
2012------------- 2013 -----------2014
Sales (on installment plan)----$250,000----- $260,000------ $280,000
Cost of sales---------------------155,000------- 163,800------- 182,000
Gross profit ------------------$95,000 --------$96,200 --------$98,000
Collections from customers on:
2012 installment sales -----------$75,000 -------$100,000 -------$50,000
2013 installment sales -----------100,000(2013)-------- 120,000(2014)
2014 installment sales ------------------------100,000 (2014)
(a)
Compute the realized gross profit for each of the years 2012, 2013, and 2014.
2012 (Profit or loss) and $
2013 (Profit or loss) and $
2014 (Profit or loss) and $
2012--------------------2013
Installment sales-------------- ---$900,000 ---------$1,000,000
Cost of installment sales ------594,000 -----------680,000
Cash collections on 2012 sales-----370,000-- --350,000
Cash collections on 2013 sales --–0– -----------450,000
(a)
Compute the amount of realized gross profit recognized in each year.
Gross profit recognized in 2012
$
Gross profit recognized in 2013
$
Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.
2012------------- 2013 -----------2014
Sales (on installment plan)----$250,000----- $260,000------ $280,000
Cost of sales---------------------155,000------- 163,800------- 182,000
Gross profit ------------------$95,000 --------$96,200 --------$98,000
Collections from customers on:
2012 installment sales -----------$75,000 -------$100,000 -------$50,000
2013 installment sales -----------100,000(2013)-------- 120,000(2014)
2014 installment sales ------------------------100,000 (2014)
(a)
Compute the realized gross profit for each of the years 2012, 2013, and 2014.
2012 (Profit or loss) and $
2013 (Profit or loss) and $
2014 (Profit or loss) and $
Please help with my accounting question DUE TODAY. Struggling with it. THANK YOU?
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