Solved: Assets on an installment plan, Accounting Basics

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Assets on an installment plan

Problem: Mr. Zimmerman sold assets on an installment plan. Please determine Mr. Zimmerman's gross income for 2010 based upon the following information:

Year Installment Sales Gross Profit 2010 Collections
2008 $200,000 $50,000 $25,000
2009 $300,000 $81,000 $80,000
2010 $400,000 $96,000 $125,000

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Accounting Basics: Assets on an installment plan

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