Question - Company appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include:
Installment sales 750,000 900,000
Cost of installment Sales 450,000 630,000
Gross Profit 300,000 270,000
Collections during year:
On 2017 Sales 250,000 250,000
On 2018 Sales 300,000
What amount of realized grow profit should be reported on the income statement for 2018?
A) 165,000
B) 190,000
C) 220,000
D) 270,000