FIN REPORTING 3

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Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows.

Installment Receivables
 
Deferred Gross Profit
 
Gross Profit on Sales
2014 $14,800 2014 $8,800 2014 34%
2015 40,900 2015 29,200 2015 32%
2016 75,600 2016 70,500 2016 30%
 
 
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(a)

Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit.
    • 10 years ago
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