Acc problem acc305 need ASAP
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instalment sales 2011 360,000.00 2012 350,000.00 cost of instalments 2011 234,000 2012 245,000 cash collection on installments 2011 150,000 2012 100,000 120,000
| Insert answer below: | ||
| E5-3 | ↓ | where there is ? | |
| Requirement 1 | |||
| 2006 Cost recovery %: | |||
| $234,000 / $360,000 | = 65% (gross profit % = 35%) | ||
| 0 | |||
| 2007 Cost recovery %: | |||
| ? | ? | ||
| 2006 gross profit: | |||
| Cash collection from 2006 sales of | = | ? | |
| 2007 gross profit: | |||
| Cash collection from 2006 sales of | = | ? | |
| + | Cash collection from 2007 sales of | = | ? |
| Total 2007 gross profit | $71,000 | ||
| Requirement 2 | |||
| 2006 deferred gross profit balance: | |||
| 2006 initial gross profit | ? | ||
| Less: Gross profit recognized in 2006 | ? | ||
| Balance in deferred gross profit account | $73,500 | ||
| 2007 deferred gross profit balance: | |||
| 2006 initial gross profit | $126,000 | ||
| Less: Gross profit recognized in 2006 | ? | ||
| Gross profit recognized in 2007 | ? | ||
| 2007 initial gross profit | 105,000 | ||
| Less: Gross profit recognized in 2007 | ? | ||
| Balance in deferred gross profit account | ? | ||
11 years ago 5
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