Reference no: EM132750817
TECHNOMAGIC, Inc. appropriately uses the instalment method of accounting to recognize income in its financial statements. Some pertinent data relating to this method of accounting include: Year 2016 Year 2017 Year 2018 Instalment sales $300,000 $375,000 $360,000 Cost of instalment sales 225,000 285,000 252,000 Gross profit $75 000 $90 000 $108 000 Rate of gross profit on instalment sales 25.00% 24.00% 30.00%
Balance of deferred gross profit at:
Year-end 2016 $52,500 $15,000 $
0 Year-end 2017 54,000 9,000
Year-end 2018 72,000
Total $52 500 $69 000 $81 000
Problem 1: What amount of instalment accounts receivable presented in TECHNOMAGIC's December 31, 2018 balance sheet?
a. $37,500 b. $240,000 c. $277,500 d $300,000
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