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Determine the realized gross profit

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Question - On June 1, 2016, ABC ENTERPRISES sells a new car costing 545,280 for 1,360,800. A used car is accepted as down payment, 192,000 being allowed on the trade-in. the used car can be resold for 291,600 after reconditioning costs of 38,880. The company expects to make a 20% gross profit on the sale of used cars. During 2016, 104,000 cash was collected on the contract. Determine the realized gross profit for 2016.

Reference no: EM133157242

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