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Determine the deferred gross profit at december

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Question - Greatwitz Company began operations on January 1,2012 and appropriately uses the installment method of accounting. The following information pertains to the operations of the company for 2012. Cost of installment sales, 525,000; Gross profit rate based on cost, 25%; Collections on installement sales (including interest of 11,000), 297,5000.

1. Determine the deferred gross profit at December 31, 2012.

2. Determine the realized gross profit for 2012.

Reference no: EM133177960

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