Question: There are two questions in this post but I only need QUESTION 2 to be answered. Question 1 is needed to answer 2. PLEASE SHOW

There are two questions in this post but I only need QUESTION 2 to be answered. Question 1 is needed to answer 2.

PLEASE SHOW WORK.

Q1. In the example given in class, calculate the gross profit realized in 2015 and 2016, respectively.
2014 2015 2016
Installment sales 200000 250000 240000
Cost of installment sales 150000 190000 168000
Gross profit 50000 60000 72000
Rateof gross profit on sales 25% 24% 30%
Cash receipts
2014 sales 60000 100000 40,000
2015 sales 1000001 125000
2016 sales 80000
50000 60000 72000
200000 250000 240000
Q2. using the above example, For 2014 installment sales, calculate deferred gross profit realized in each year using the cost recovery method.
PLEASE SHOW WORK
2014
Installment sales 200000
Cost of installment sales 150000
Gross profit 50000
Rateof gross profit on sales 25%
Cash receipts
2014 sales 60000
2015 sales
2016 sales
50000
200000

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