Reference no: EM13864919
Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.
2014 2015 2016
Sales (on installment plan) $320,000 $220,000 $384,000
Cost of sales 204,800 140,800 241,920
Gross Profit $115,200 $79,200 $142,080
Collections from customers on:
2014 Installment sales $106,000 $117,000 $68,000
2015 Installment sales 71,000 73,000
2016 Installment sales 115,000
A. Compute the realized gross profit for each of the years 2014, 2015, and 2016.
B. Prepare in journal form all entries required in 2016, applying the installment-sales method of accounting.
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: Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis. Compute the realized gross profit for each of the years 2014, 2015, and 2016. Prepare in journal form all entries required in 2016, applying..
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