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What amount of installment accounts receivable

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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?

Reference no: EM132283987

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