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During 2012, Martin Corporation sold merchandise costing $2,800,000 on an installment basis for $4,000,000. The cash receipts related to these sales were collected as follows: 2012, $1,600,000; 2013, $1,400,000; 2014, $1,000,000.
If expenses, other than the cost of the merchandise sold, related to the 2012 installment sales amounted to $160,000, by what amount would Martin’s net income for 2012 increase as a result of installment sales?
a. $1,440,000
b. $ 480,000
c. $ 360,000
d. $ 320,000
What basis of accounting is used? Why is this basis most appropriate? How does it support responsible practices within the company?
balance sheetprofit and losscurrent assetscash and cash equavents 270trade receivables debtors 711sales
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