Question
At December 31, 2014, Grinkov Corporation had the following account balances. Installment Accounts Receivable, 2013 $65,000 Installment Accounts Receivable, 2014 110,000 Deferred Gross Profit, 2013
At December 31, 2014, Grinkov Corporation had the following account balances.
Installment Accounts Receivable, 2013 $65,000
Installment Accounts Receivable, 2014 110,000
Deferred Gross Profit, 2013 23,400
Deferred Gross Profit, 2014 41,800
Most of Grinkovs sales are made on a 2-year installment basis.
Indicate how these accounts would be reported in Grinkovs December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.
Grinkov Corporation
Balance Sheet
December 31, 2014
_________________________________
_________________________________ $ ________________
_________________________________ ________________
$________________
_______________________________
_______________________________ $_________________
Options for Queestion
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
Deferred Gross Profit
Installment Accounts Receivable Due in 2014
Installment Accounts Receivable Due in 2015
Installment Accounts Receivable Due in 2016
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