Hussong, Inc, appropriately uses the installment sales method of revenue recognition. The company sold $1,500,000 on installment accounts during 2014 . The cost of items sold was $900,000 . At December 31 . 2014, Hussong reported a balance of $100,000 in the Deferred Gross Profit account. How much cash did Hussong collect on installment contracts during 2014?
a. $600,000
b. $500,000
c. $250,000
d. $1,250,000
D
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The static budget, at the beginning of the month, for Divine Décor Company, follows:
Static budget: Sales volume: 1500 units; Sales price: $70.00 per unit Variable costs: $32.00 per unit; Fixed costs: $38,000 per month Operating income: $19,000 Actual results, at the end of the month, follows: Actual results: Sales volume: 990 units; Sales price: $75.00 per unit Variable costs: $35.00 per unit; Fixed costs: $33,000 per month Operating income: $6600 Calculate the flexible budget variance for sales revenue. A) $6980 U B) $6980 F C) $4950 U D) $4950 F
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Indicate whether the statement is true or false
If contracting parties attach materially different meanings to a contract word or term subject to more than one reasonable interpretation, the contract is void.
Answer the following statement true (T) or false (F)