Question: 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

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.

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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