helpful info

 

instalment sales 2011 360,000.00 2012 350,000.00

cost of instalments 2011 234,000

2012 245,000

cash collection on installments 

2011 150,000

2012 100,000

120,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Insert answer below:   E5-3 ↓ where there is ?Requirement 1    2006 Cost recovery %:                    $234,000 / $360,000  =  65% (gross profit % = 35%) 0   2007 Cost recovery %:                     ??                               2006 gross profit:   Cash collection from 2006 sales of =?     2007 gross profit:   Cash collection from 2006 sales of =?     +Cash collection from 2007 sales of =?    Total 2007 gross profit  $71,000Requirement 2    2006 deferred gross profit balance:   2006 initial gross profit  ? Less: Gross profit recognized in 2006 ? Balance in deferred gross profit account $73,500     2007 deferred gross profit balance:   2006 initial gross profit  $126,000 Less: Gross profit recognized in 2006 ?          Gross profit recognized in 2007 ?     2007 initial gross profit  105,000 Less: Gross profit recognized in 2007 ? Balance in deferred gross profit account ?    Posted: 4 years agoDue: 10/11/2015Budget: $5