Analysis of Installment Sales The following partial information is available for the Cupp Company:
|
Installment method sales |
$120,000 |
3 |
|
Installment method cost of goods sold |
1 |
$63,000 |
|
Gross profit percentage |
2 |
30% |
|
Cash receipts on installment method sales |
||
|
2007 sales |
25,000 |
4 |
|
2008 sales |
5 |
|
|
Realized gross profit on installment method sales |
||
|
2007 sales |
5,000 |
7,000 |
|
2008 sales |
9,000 |
Required
Compute the unknown amounts. (Note: It is not necessary to compute the amounts in the numerical sequence.)