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Mr z a nondealer sold assets on an installment plan

Problem - Mr. Z, a nondealer, sold assets on an installment plan. Determine Mr. Z's gross income for 2009. Relevant data include:

Year Installment sales Gross profit 2008 collections

2007 $200,000 50,000 25,000

2008 300,000 81,000 80,000

2009 400,000 96,000 125,000

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Accounting Basics: Mr z a nondealer sold assets on an installment plan

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Accounting Basics: Mr z a nondealer sold assets on an installment plan

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