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What clementine agrees to accept payment in three instalment

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Clementine Koalabear is the sole proprietor of an unincorporated business that sells security related products to both retail customers and to building contractors. The business began operations on January 1, 2019. The business has a December 31 end.

Question1 : During 2019, Clementine's business installs a comprehensive security system in a 462 unit condominium development. The gross profit on this sale was $15,608. Because of the size of the contract, Clementine agrees to accept payment in three instalments as follows:

2019 $23,000
2020 32,000
2021 18,000
Total Contract Price$73,000

Reference no: EM132586696

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