A company began operations on January 1 , 200, and appropriately uses the installment sales...
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A company began operations on January 1 , 200, and appropriately uses the installment sales method for recognizing revenue. The following information is available for the years ended December 31, 20X0 and 20X1. 20. INFORMATION RELATING TO INSTALLMENT SALES FOR YEARS 20XO AND 20X1 20X0 20X1 Installment Sales Revenue $ 1,500,000S 2,500,000 Gross Profit Realized on Sales: From 20XO Sales 90,000 135,000 From 20XI Sales Gross Margin Percentages 30% 40%
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