What is the balance in the deferred gross profit, Accounting Basics

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What is the balance in the deferred gross profit

Big Bear Company deals in distressed properties and makes high-risk sales. In 2012, the company sold for $250,000 a piece of property that cost $150,000. The cost recovery method was appropriately used. Collections on the sale were: $80,000 in 2012, $120,000 in 2013, and $50,000 in 2014. What is the balance in the deferred gross profit account at the end of 2013?

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Accounting Basics: What is the balance in the deferred gross profit

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Accounting Basics: What is the balance in the deferred gross profit

Reference No:- TGS0691561

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Recent Questions Asked Accounting Basics

Q : What year end adjusting entry should be made

Q : Write an equation to model the situation

Q : Determine the net present value of the cash flows

Q : Calculate the warrens income tax liability

Q : What is the balance in the deferred gross profit

Q : Find the new angular speed of earth

Q : What percentage of indians like both apples and oranges

Q : Calculate the revenue to be recognized in fiscal year

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the balance in the deferred gross profit

Reference No:- TGS0691561

Recent Questions Asked Accounting Basics

Q : What year end adjusting entry should be made

Q : Write an equation to model the situation

Q : Determine the net present value of the cash flows

Q : Calculate the warrens income tax liability

Q : What is the balance in the deferred gross profit

Q : Find the new angular speed of earth

Q : What percentage of indians like both apples and oranges

Q : Calculate the revenue to be recognized in fiscal year

Q : Explain role and limitations of management accounting theory

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