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ACCT 382 - Week 5 - Chapter 5 Homework - Question 2

ACCT 382 - Week 5 - Chapter 5 Homework - Question 2
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ACCT 382 - Week 5 - Chapter 5 Homework - Question 2

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Question 2

Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013 and 2014:

   

 

2013

2014

  Installment sales

$

360,000

 

$

350,000

 

  Cost of installment sales

 

234,000

 

 

245,000

 

  Cash collections on installment sales during:

 

 

 

 

 

 

     2013

 

150,000

 

 

100,000

 

     2014

 

 

 

120,000