Installment-Sales Income Statements Chantal Stores sells merchandise on open account as well as on installment terms.

Below are the data pertaining to the construction period? From the data above, which cover the 3 years since Chantal Stores commenced operations, determine the net income for each year, applying the installment-sales method of accounting. (Ignore interestcharges.)

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2012 2010 2011 Sales on account $426,000 275,000 $525,000 380,000 $385,000 320,000 Installment sales Collections on installment sales 40,000 140,000 125,000 Made in 2010 Made in 2011 100,000 90,000 110,000 Made in 2012 Cost of sales Sold on account Sold on installment 270,000 214,400 77,000 50,000 277,000 176,000 87,000 51,000 341,000 228,000 92,000 52,000 Selling expenses Administrative expenses