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E18-19B (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 In

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E18-19B (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.

 

Paper#75349 | Written in 18-Jul-2015

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