A voucher system is a set of procedures and approvals:
A. Used almost exclusively by small companies.
B. Used to ensure that the company sells on credit only to creditworthy customers.
C. Designed to eliminate the need for subsidiary ledgers.
D. Designed to determine if the company is operating profitably.
E. Designed to control cash payments and the acceptance of liabilities.
Answer: E
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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
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Private citizens may not bring suit under federal environmental legislation
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