Question: At December 31 2010 Grinkov Corporation had the following acco

At December 31, 2010, Grinkov Corporation had the following account balances.
Installment Accounts Receivable, 2009 $ 65,000
Installment Accounts Receivable, 2010 110,000
Deferred Gross Profit, 2009 23,400
Deferred Gross Profit, 2010 41,800
Most of Grinkov’s sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov’s December 31, 2010, balance sheet. The 2009 accounts are collectible in 2011, and the 2010 accounts are collectible in 2012.

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  • CreatedFebruary 19, 2011
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