Refer to the facts given in the previous question (P4 12) Required Using the installment sales method, determine the following amounts a Balance of installment accounts receivable at December 31, 2012 b Amount of deferred gross profit as at December 31, 2012 c Sales revenue to recognize in 2012 for...

aFirst note that all instalment sales made from January to June would have been fully collected ...

Refer to the facts given in the previous question (P4-12). Required: Using the installment sales method, determine

Question:

Refer to the facts given in the previous question (P4-12).
Required:
Using the installment sales method, determine the following amounts:
a. Balance of installment at December 31, 2012.
b. Amount of deferred gross profit as at December 31, 2012.
c. Sales revenue to recognize in 2012 for installment sales made in the year.
Assume all installment payments are received, and ignore the time value of money.
In Question

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...