Reference no: EM131591929
Question: At December 31, 2014, Grinkov Corporation had the following account balance
Installment Accounts Receivable, 2013 $65,000
Installment Accounts Receivable, 2014 110,000
Deferred Gross Profit, 2013 23,400
Deferred Gross Profit, 2014 41,800
Most of Grinkov's sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov's December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.
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