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    Feb 23, 2012, 10:57 PM
    How do I figure this out?
    Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2011 and 2012:

    2011 2012
    Installment sales $ 360,000 $ 350,000
    Cost of installment sales 234,000 245,000
    Cash collections on installment sales during:
    2011 150,000 100,000
    2012 — 120,000


    Required:
    (1)
    How much gross profit should Charter recognize in 2011 and 2012 from installment sales? (Do not round intermediate calculations. Omit the "$" sign in your response.)

    Gross Profit
    2011 $
    2012 $

    (2)
    What should be the balance in the deferred gross profit account at the end of 2011 and 2012? (Do not round intermediate calculations. Omit the "$" sign in your response.)

    2011 2012
    Balance in deferred gross profit account $ $

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