Complete the table. Summary of Answers. Solution is required. Installment Sales Cost of Installment Sales 2015...

 

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Complete the table. Summary of Answers. Solution is required. Installment Sales Cost of Installment Sales 2015 2016 2017 500,000 800,000 800,000 Gross Profit Gross Profit Rate on Sales Gross Profit Rate on Cost Collection: 2015 Contract 2016 Contract 50% 250,000 10,000 200,000 2017 Contract 200,000 Default Contract of 2016 Realized Gross Profit 70,400 140,000 Merchandise Repossession Loss on Repossession 30,000 5,000 Contract Balance of 2015 Contract Balance of 2016 Contract Balance of 2017 Deferred Gross Profit 2016 90,000 Complete the table. Summary of Answers. Solution is required. Installment Sales Cost of Installment Sales 2015 2016 2017 500,000 800,000 800,000 Gross Profit Gross Profit Rate on Sales Gross Profit Rate on Cost Collection: 2015 Contract 2016 Contract 50% 250,000 10,000 200,000 2017 Contract 200,000 Default Contract of 2016 Realized Gross Profit 70,400 140,000 Merchandise Repossession Loss on Repossession 30,000 5,000 Contract Balance of 2015 Contract Balance of 2016 Contract Balance of 2017 Deferred Gross Profit 2016 90,000

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