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The following information was taken from the records of Locken Corporation for the years indicated, The company's year end is Dec 31. 2007 2008 2009
The following information was taken from the records of Locken Corporation for the years indicated, The company's year end is Dec 31. 2007 2008 2009 Installment sales 450,000 500,000 620,000 Cost of sales 342,000 360,000 434,000 Cash Receipts 2007 sales 125000 280000 45000 2008 sales 0 210000 230,000 2009 sales 0 0 250,000 Calculate the amount of realized gross profit on installment sales and deferred gross profit to be reported in the year end financial statements of Locken Corporation for the three years noted.
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