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Question - Installment sales
Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,000. The repossessed merchandise had a fair value of $15,000.
Instructions
(a) Calculate the rate of gross profit on 2010 installment sales.
(b) Make the entry to record the repossession.
The private sector organization currently responsible for setting financial accounting standards in the United States.
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