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 installment sales made in the year.
Assume all installment payments are received, and ignore the time value of money.
In Question

Month January Februaty March April Total Sale price Month S80,000 May 70,000 Juc 90,000 July 100,000 August Sale price Month Sale price $90,000 September $100,000 90,000 130,000 150,000 S1,230,000 100,000 Octobe 120,000 November 110,000 December