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115)Braun, Inc. appropriately uses the installment-sales method of accounting to recognize income in its financial statements. Some pertinent data relating to this method of accounting
115)Braun, Inc. appropriately uses the installment-sales method of accounting to recognize income in its financial statements. Some pertinent data relating to this method of accounting include:
| 2014 | 2015 | |||
| Installment sales | $750,000 | $720,000 | ||
| Cost of installment sales | 570,000 | 504,000 | ||
| Gross profit | $180,000 | $216,000 | ||
| Rate of gross profit | 24% | 30% | ||
| Balance of deferred gross profit at year end: | ||||
| 2014 | $108,000 | $ 36,000 | ||
| 2015 | 198,000 | |||
| Total | $108,000 | $234,000 | ||
What amount of installment accounts receivable should be presented in Braun's December 31, 2015 balance sheet?
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