Presented below is summarized information for Deng Yaping Co., which sells merchandise on the installment basis. Instructions

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Presented below is summarized information for Deng Yaping Co., which sells merchandise on the installment basis.

Instructions
Compute the realized gross profit for each of the years 2007, 2008, and2009.

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Intermediate Accounting principles and analysis

ISBN: 978-0471737933

2nd Edition

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

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Question Posted: May 10, 2012 01:44 AM

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Presented below is summarized information for Deng Yaping Co., which sells merchandise on the installment basis. Instructions

Question:

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

Intermediate Accounting principles and analysis

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