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(Installment-Sales Method and Cost Recovery Method) Swift Corp., a capital goods manufacturing business that started on January 4, 2012, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for all its sales. The following data were taken from the 2012 and 2013 records. 2012; 2013 Installment sales: $480,000; $620,000 Gross profit as a percent of costs: 25% ;28% Cash collections on sales of 2012: $130,000; $240,000 Cash collections on sales of 2013: -0-; $160,000 The amounts given for cash collections exclude amounts collected for interest charges.
Instructions:
(a) Compute the amount of realized gross profit to be recognized on the 2013 income statement, prepared using the installment-sales method.(Round percentages to three decimal places.)
(b) State where the balance of Deferred Gross Profit would be reported on the financial statements for 2013.
(c) Compute the amount of realized gross profit to be recognized on the income statement, prepared using the cost-recovery method.
Purpose general journal entries to record the above transactions.
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Inc. earns $450,000 and pays cash dividends of $150,000 during 2013. Cox Corporation owns 70,000 of the 210,000 outstanding shares of Mission.
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