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Title: Advanced Accounting: Installment Sales
Description: Summary of accounting for Installment Sales
Description: Summary of accounting for Installment Sales
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Principal Collections:
1
...
Fair Value of Trade-in Merchandise
Selling Price
Under Allowance
Over Allowance
Adjusted Selling Price
Cost of Installment Sales
Gross Profit
xx
xx
(xx)
xx
(xx)
xx
Realized Gross Profit = Collections x Gross Profit Rate (GPR)
Deferred Gross Profit – Beg
Adjusted Deferred Gross Profit
Realized Gross Profit
xx
(xx)
xx
Adjusted Deferred Gross Profit = ISR End x GPR
Alternative Computation for GPR:
1
...
Adjusted Deferred Gross Profit / ISR End
Market Value of Repossessed Merchandise
xx
Unrecovered Cost
(xx)
Gain/(Loss) on Repossession
xx/(xx)
MV of Repossessed Merchandise (in order of priority):
1
...
Appraisal Value
3
Title: Advanced Accounting: Installment Sales
Description: Summary of accounting for Installment Sales
Description: Summary of accounting for Installment Sales