Mandarin partners appropriately uses the installment-sales, Accounting Basics

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Mandarin partners appropriately uses the installment-sales

(Installment-Sales Method Calculations, Entries) Mandarin Partners appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.

2014 2015

Installment sales $300,000 $750,000

Cost of installment sales 255,000 660,000

Cash collections on 2014 sales 70,000 201,000

Cash collections on 2015 sa -0- 216,000

Instructions

(a) Compute the amount of realized gross profit recognized in each year.

(b) Prepare all journal entries required in 2015.

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Accounting Basics: Mandarin partners appropriately uses the installment-sales

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Accounting Basics: Mandarin partners appropriately uses the installment-sales

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