Maurice Tutor

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  • MCS,PHD
    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

Chantal Stores

(Installment-Sales Income Statements) Chantal Stores sells merchandise on open account as well as on installment terms.

 

 

2012

2013

2014

Sales on account

$385,000

$426,000

$525,000

Installment sales

320,000

275,000

380,000

Collections on installment sales

     

Made in 2012

100000

90,000

40,000

Made in 2013

 

110,000

140,000

Made in 2014

   

125,000

Cost of sales

     

Sold on account

270,000

277,000

341,000

Sold on installment

214,400

176,000

228,000

Selling expenses

77,000

87,000

92,000

Administrative expenses

50,000

51,000

52,000

 

Instructions

From the data above, which cover the 3 years since Chantal Stores commenced operations, determine the net income for each year, applying the installment-sales method of accounting

Answers

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

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