Wednesday
September 24, 2014

Homework Help: Intermediate accounting

Posted by cyndi on Saturday, December 11, 2010 at 2:39am.

Rosson Corporation, which began business on January 1, 2008, appropriately uses the installment sales method of accounting for income tax reporting purposes. The following data are available for 2008:

Installment accounts receivable, 12/31/2008 $200,000
Installment sales for 2008 350,000
Gross profit on sales 40%

Under the installment sales method, what would be Rossonís deferred gross profit at December 31, 2008?
a. $120,000
b. $90,000
c. $80,000
d. $60,000

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

intermediate 111 - Wilson Corporation began operations in January 2008, and ...
Intermediate Accounting - Pan Erickson Construction Company changed from the ...
accounting - Sherrod, Inc., reported pretax accounting income of $89 million for...
Intermediate Accounting - On January 4, 2002, Wynn, Inc., bought 15% of Parr ...
accounting - Ayres Services acquired an asset for $80 million in 2011. The asset...
Intermediate Accounting - On January 1, 2005, Lynn Corporation acquired ...
Accounting, TAX - Which of the following entities may not use the cash method of...
Accounting - which of the following situations will not cause a deferred income ...
Accounting - which of the following situations will not cause a deferred income ...
accounting - ________________________________________ Question 1: (10 points) E...

Search
Members