John corp appropriately uses the installment method of

Reference no: EM13484742

John Corp appropriately uses the installment method of accounting to recognize income in its financial statements. Pertinent data relating to this method of accounting includes: installment sales totaled $400,000 for 2013 and $500,000 for 2014; cost of sales were $260,000 for 2013 and $300,000 for 2014: in 2013 John collected $280,000 from 2013 sales; in 2014 John collected $100,000 from 2013 sales and $300,000 from 2014 sales. What amount should John report as realized gross profit on the 2014 income statement?

Reference no: EM13484742

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