Question
Newton Co. had installment sales of $1,100,000 and cost of installment sales of $814,000 in 2014. A 2014 sale resulted in a default in 2016,
Newton Co. had installment sales of $1,100,000 and cost of installment sales of $814,000 in 2014. A 2014 sale resulted in a default in 2016, at which time the balance of the installment receivable was $36,000. The repossessed merchandise had a fair value of $21,000. Calculate the gross profit on 2014. Record the journal entries for the reprossesion
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People Centric Skills Interpersonal And Communication Skills For Financial Professionals
Authors: Danny M. Goldberg
2nd Edition
1119669308, 978-1119669302
