USCPA每日一练之FAR【2015-11-26】

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Entor Co. sold equipment to Pane Co. for $50,000. The equipment had a net book amount of $30,000. The collections were $20,000 in the first year, $15,000 in the next year, and $15,000 in the last year. What is the amount of gross profit for the third year if Entor used the installment-sales accounting method for the transaction?

A. $5,000

B. $0

C. $6,000

D. $15,000

Answer:C

C is corrent. The requirement is to determine the gross profit for the third year. The total gross profit on the equipment is $50,000 – $30,000 = $20,000. Under the installment-sales method, gross profit is recognized proportionally with the amount of the installment payment each year. The gross profit that should be recognized in year 3 is $15,000/($20,000 + $15,000 + $15,000) = 30% of the total revenue. Therefore, this answer is correct because $6,000 (30% × $20,000 total gross profit) of gross profit should be recognized in year 3.

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