Brief Exercise
At December 31, 2014, Grinkov Corporation had the following account balances.
Installment Accounts Receivable, 2013 $65,000
Installment Accounts Receivable, 2014 110,000
Deferred Gross Profit, 2013 23,400
Deferred Gross Profit, 2014 41,800
Most of Grinkov's sales are made on a 2-year installment basis.
Indicate how these accounts would be reported in Grinkov's December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.
Grinkov Corporation
Balance Sheet
December 31, 2014
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity
Deferred Gross Profit Installment Accounts Receivable Due in 2014 Installment Accounts Receivable Due in 2015 Installment Accounts Receivable Due in 2016 $
Deferred Gross Profit Installment Accounts Receivable Due in 2014 Installment Accounts Receivable Due in 2015 Installment Accounts Receivable Due in 2016 $
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity
Deferred Gross Profit Installment Accounts Receivable Due in 2014 Installment Accounts Receivable Due in 2015 Installment Accounts Receivable Due in 2016 $