installement sales computations and entries
P18-8 (Installment-Sales Computations and Entries) Presented below is summarized information for
Johnston Co., which sells merchandise on the installment basis.
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Order Paper Now2014 2015 2016
Sales (on installment plan) $250,000 $260,000 $280,000
Cost of sales 155,000 163,800 182,000
Gross profi t $ 95,000 $ 96,200 $ 98,000
Collections from customers on:
2014 installment sales $ 75,000 $100,000 $ 50,000
2015 installment sales 100,000 120,000
2016 installment sales 100,000
Instructions
(a) Compute the realized gross profit for each of the years 2014, 2015, and 2016.
(b) Prepare all entries required in 2016, applying the installment-sales method of accounting. (Ignore
interest charges.)
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