Business, 25.10.2019 18:43, karinagonzale80

Mandarin partners appropriately uses the installment-sales method of accounting to recognize income in its financial statements. the following information is available for 2010 and 2011. - 2010 2011 installment sales $300,000 $750,000 cost of installment sales 255,000 660,000 cash collections on 2010 sales 70,000 201,000 cash collections on 2011 sales –0– 216,000 instructions : (a) compute the amount of realized gross profit recognized in each year (check your gross profit recognized in 2011 = 56,070). (b) prepare all journal entries required in 2011.

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Mandarin partners appropriately uses the installment-sales method of accounting to recognize income...