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FIN REPORTING 3

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Question

Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows.;Installment Receivables Deferred Gross Profit Gross Profit on Sales;2014 $14,800 2014 $8,800 2014 34%;2015 40,900 2015 29,200 2015 32%;2016 75,600 2016 70,500 2016 30%;(a) Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit.

 

Paper#81322 | Written in 18-Jul-2015

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