Oliver Furnishings frequently has sales involving "no down payment and no payments for three months." Three months The company has a December 31 year-end. During the year, the company made the following sales on installment plans, after the purchase date, customers make four equal monthly payments (i.e. they make equal payments 3, 4, 5, and 6 Oliver makes a 45% gross margin on these sales. months after purchase). Each payment is one-quarter of the purchase price. (Click the icon to view the sales data.) Required Requirement a. Using the installment sales metric, determine the balance oricament accounts receivable at December 31. Use the table below to calculate the balance of installment accounts receivable at the end of each month. Then calculate the total accounts receivable balance at December 31. (Enter a "O" for any zero balances.) Total number Installment sales No. of payments ols at year-end Installment accounts recelvable at 12/31 Month of payments Sales Data January 1 1 February March X Month Sale price April X January S S S 104,000 May X Sale price Month 65,000 May 63,000 June 80,000 July 104,000 August Sale price Month 80,000 September 104,000 October 84,000 November 74,000 December 80,000 June February March x 4 1 60.000 77,000 April July August September X X 1 Total S S 975,000 X October 4 Print Done November December Totals Enter any number in the edit fields and then continue to the next question ? Save for Later Oliver Furnishings frequently has sales involving "no down payment and no payments for three months." Three months after the purchase date, customers make four equal monthly payments (i.e. they make equal payments 3, 4, 5, and 6 months after purchase). Each payment is one-quarter of the purchase price. The company has a December 31 year-end. During the year, the company made the following sales on installment plans, Oliver makes a 45% gross margin on these sales. (Click the icon to view the sales data.) Required Sales Data Month January S $ $ Sale price Month 65,000 May 63,000 June 80,000 July 104.000 August Sale price Month 80,000 September 104,000 October 84,000 November Sale price 104,000 80,000 60.000 February March April 74,000 December 77.000 975,000 Total $ Print Done Requirement b. Using the installment sales method, determine the amount of deferred gross profit as at December 31. {Round to the nearest whole dollar.) The deferred gross profit at December 31 is $ Requirement c. Using the installment sales method, determine the sales revenue to recognize in the current year for installment sales made during the year. Sales revenue for installment sales made in current year is $ Enter any number in the edit fields and then continue to the next question. ? Save for Later