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Category > Accounting Posted 17 Aug 2017 My Price 14.00

Grinkov Corporation

Brief Exercise 18-14

At December 31, 2014, Grinkov Corporation had the following account balances.

Installment Accounts Receivable, 2013   $65,000
Installment Accounts Receivable, 2014   110,000
Deferred Gross Profit, 2013   23,400
Deferred Gross Profit, 2014   41,800


Most of GrinkovAc€?cs sales are made on a 2-year installment basis.

Indicate how these accounts would be reported in GrinkovAc€?cs December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.

Grinkov Corporation
Balance Sheet
December 31, 2014

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

            

    Deferred Gross Profit    Installment Accounts Receivable Due in 2014    Installment Accounts Receivable Due in 2015    Installment Accounts Receivable Due in 2016    

    

$

      

    Deferred Gross Profit    Installment Accounts Receivable Due in 2014    Installment Accounts Receivable Due in 2015    Installment Accounts Receivable Due in 2016    

    

     
     

$

      

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

            

    Deferred Gross Profit    Installment Accounts Receivable Due in 2014    Installment Accounts Receivable Due in 2015    Installment Accounts Receivable Due in 2016    

 

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Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 06:08 PM My Price 14.00

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