Presented below is summarized information for Deng Yaping Co., which sells merchandise on the installment basis. Instructions
Question:
Instructions
Compute the realized gross profit for each of the years 2007, 2008, and2009.
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2007 $250,000 150,000 $100,000 2008 $260,000 163,800 S 96,200 2009 $280,000 182,000 S 98,000 Sales (on installment plan) Cost of sales Gross profit Collections from customers on: 75,000 2007 installment sales 2006 installment sales 2009 installment sales $100,000 100,000 S 50,000 120,000 110,000
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2007 2008 2009 Rate of gross profit 40 37 35 Gro...View the full answer
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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