helpful info instalment sales 2011 360,000.00 2012 350,000.00 cost of instalments 2011 234,000 2012

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helpful info

 

instalment sales 2011 360,000.00 2012 350,000.00

cost of instalments 2011 234,000

2012 245,000

cash collection on installments 

2011 150,000

2012 100,000

120,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Insert answer below:     
E5-3  ↓  where there is ?
Requirement 1      
  2006 Cost recovery %:    
                   $234,000 / $360,000   =  65% (gross profit % = 35%)
  0    
  2007 Cost recovery %:    
                    ? ?  
                                
  2006 gross profit:    
  Cash collection from 2006 sales of  = ?
       
  2007 gross profit:    
  Cash collection from 2006 sales of  = ?
     + Cash collection from 2007 sales of  = ?
     Total 2007 gross profit    $71,000
Requirement 2      
  2006 deferred gross profit balance:    
  2006 initial gross profit    ?
  Less: Gross profit recognized in 2006   ?
  Balance in deferred gross profit account   $73,500
       
  2007 deferred gross profit balance:    
  2006 initial gross profit    $126,000
  Less: Gross profit recognized in 2006   ?
           Gross profit recognized in 2007   ?
       
  2007 initial gross profit    105,000
  Less: Gross profit recognized in 2007   ?
  Balance in deferred gross profit account   ?
       
    • Posted: 4 years ago
    • Due: 10/11/2015
    • Budget: $5

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