Business, 29.10.2019 06:31 supiine295

On december 15,2013, rigsby sales co. sold a tract of land that cost $36 for $45. rigsby appropriately uses the installment sale method of accounting for this transaction. terms called for a down payment of $5 with the balance in two equal annual installments payable on december 15,2014, and december 15,2015. ignore interest charges. rigsby has a december31 year-end

q1: in 2013, rigsby would recognize realized gross profits of

q2: in 2014, rigsby would recognize realized gross profits of

q3: in its december 31, 2013, balance sheet, rigsby would report:

a realized gross profit of $1

b: deferred gross profit of $1

c: installment receivables(net) of $32

d: installment receivables(net) of $4

q4: at dec 31,2014, rigsby would report in its balance sheet:

a: realized gross profit of $5

b: deferred gross profit of $4

c: realized gross profit of $4

d: cost of installment sales $16

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On december 15,2013, rigsby sales co. sold a tract of land that cost $36 for $45. rigsby appropriate...

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