Problem - The following information is available for 1990:
Gross profit on sales: 40%
Deferred gross profit at 12/31/90: $240,000
Cash collected, including down payments: $450,000
What is the total amount of company's installment sales for 1990?
a. $600,000
b. $690,000
c. $850,000
d. $1,050,000