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Compute ryan deferred gross profit at december

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Question - Ryan inc. began operations on Janurary 1, 1986, and appropriately uses the installment method of accounting. The following data are available for 1986:

Installment A/R, 12/31/86            $600,000

Installment Sales for 1986           1,050,000

Gross Profit on Sales                   40%

Under the installment method, Ryan's deferred gross profit at December 31, 1986 would be:

a. $360,000

b. $270,000

c. $240,000

d. $180,000

Reference no: EM131804884

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