Reference no: EM13765313
(Gross Profit Calculations and Repossessed Merchandise)
Duke Corporation appropriately uses the installment-sales method of accounting. The following data were obtained for the years 2014 and 2015. Duke did not make any installment sales prior to 2014.
2014 2015
Installment sales $600,000 $530,000
Cost of installment sales 480,000 434,600
General & administrative expenses 25,000 30,000
Cash collections on sales of 2014 250,000 285,000
Cash collections on sales of 2015 -0- 168,000
Instructions
(a) Compute the balance in the deferred gross profit accounts on December 31, 2014, and on December 31, 2015.
(b) A 2014 sale resulted in default in 2016. At the date of default, the balance on the installment receivable was $12,000, and the repossessed merchandise had a fair value of $8,000. Prepare the entry to record the repossession.
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