Wolf Computer Company began operations in 2018. The company allows customers to pay in installments for many
Question:
Wolf Computer Company began operations in 2018. The company allows customers to pay in installments for many of its products. Installment sales for 2018 were $1,000,000. If revenue is recognized at the point of delivery, $600,000 in gross profit would be recognized in 2018. If the company instead uses the cost recovery method, $100,000 in gross profit would be recognized in 2018.
Required:
1. What was the amount of cash collected on installment sales in 2018?
2. What amount of gross profit would be recognized if the company uses the installment sales method?
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Requirement 1 Cost of goods sold 1000000 600000 400000 Add Gro...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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