Carpenter Company has used the installment method of accounting since it began operations at the beginning of 2013 The following information pertains to its operations for 2013 Installment sales $ 2,100,000 Cost of installment sales 1,400,000 Collections of installment sales 840,000 What is the amount of gross profit to be reported on the December 31, 2013 income statement

Question: Carpenter Company has used the installment method of accounting since it began operations at the beginning of 2013. The following information pertains to its operations

Carpenter Company has used the installment method of accounting since it began operations at the beginning of 2013. The following information pertains to its operations for 2013:

Installment sales	$ 2,100,000
Cost of installment sales	1,400,000
Collections of installment sales	840,000

What is the amount of gross profit to be reported on the December 31, 2013 income statement?

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