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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
(Installment-Sales Income Statements) Chantal Stores sells merchandise on open account as well as on installment terms.
Â
| Â |
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 |
Â
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
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