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Question - Gamgee, Inc. appropriately uses the installment sales method of accounting to recognize income in its financial statements. Some pertinent data related to this method of accounting include:
2018 2019
Installment Sales 500,000 480,000
Cost of Installment Sales 350,000 360,000
Balance of deferred gross profit at year end.
2018 sales 72,000 24,000
2019 Sales 85,000
Total 72,000 109,000
What amount of installment accounts receivable should be presented in Gamgee's 12/31/19 balance sheet?
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