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Compute the amounts given for cash collections

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Question - Installment-Sales Method and Cost-Recovery Method

Swift Corp., a capital goods manufacturing business that started on January 4, 2010, 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 2010 and 2011 records.

 

2010

2011

Installment sales

$480,000

$620,000

Gross profit as a percent of costs

25%

28%

Cash collections on sales of 2010

$130,000

$240,000

Cash collections on sales of 2011

-0-

$160,000

The amounts given for cash collections exclude amounts collected for interest charges.

Reference no: EM131839205

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