Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Johnston Co

(Installment-Sales Computations and Entries) Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

 

2012

2013

2014

Sales (on installment plan)

$250,000

$260,000

$280,000

Cost of sales

155,000

163,800

182,000

Gross profit

$ 95,000

$ 96,200

$ 98,000

Collections from customers on:

      

2012 installment sales

$75000

$100,000

$ 50,000

2013 installment sales

  

100,000

120,000

2014 installment sales

    

100,000

Instructions

(a) Compute the realized gross profit for each of the years 2012, 2013, and 2014.

(b) Prepare in journal form all entries required in 2014, applying the installment-sales method of accounting.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 7.00

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