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  • Olprofe01 - Activity 8

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    Red Mariee
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    The document shows gross profit of $1,500,000 from a $6,000,000 installment sale. It lists installment receivables of $800,000 for years 1 and 2, and $2,400,000 for year 3. Collections against the receivables were $800,000 for year 1, $1,440,000 for year 2, and $3,600,000 for year 3, totaling $5,840,000.

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    The document shows gross profit of $1,500,000 from a $6,000,000 installment sale. It lists installment receivables of $800,000 for years 1 and 2, and $2,400,000 for year 3. Collections against the receivables were $800,000 for year 1, $1,440,000 for year 2, and $3,600,000 for year 3, totaling $5,840,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    5 views1 page

    Olprofe01 - Activity 8

    Uploaded by

    Red Mariee
    The document shows gross profit of $1,500,000 from a $6,000,000 installment sale. It lists installment receivables of $800,000 for years 1 and 2, and $2,400,000 for year 3. Collections against the receivables were $800,000 for year 1, $1,440,000 for year 2, and $3,600,000 for year 3, totaling $5,840,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Gross Profit 1,500,000

    33 1/3% / 133 1/3% 0.25


    Installment sale 6,000,000

    Installment receivable 20x2 800,000


    Installment receivable 20x1 800,000

    Installment receivable 20x2 2,400,000


    Installment receivable 20x2 -800,000
    Installment receivable 20x2 1,440,000
    Installment receivable 20x3 6,000,000
    Installment receivable 20x3 -2,400,000
    Installment receivable 20x3 3,600,000
    Total collection 5,840,000

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