The amount of realized gain to be recognized in a tax year is equal to the gross

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The amount of realized gain to be recognized in a tax year is equal to the gross profit multiplied by the ratio of payments received in the current year divided by the total contract price.

• Recognize, as income, payments received multiplied by the gross profit percentage.

Related Book For answer-question

Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

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Posted Date: Apr 13, 2024 06:03 PM

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The amount of realized gain to be recognized in a tax year is equal to the gross

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It seems like youre referring to the method of recognizing gain on installment sales fo... View the full answer

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