Piper Co Began Operations on January 1, 2015 and Appropriately Uses

question 103

Multiple Choice

Piper Co. began operations on January 1, 2015 and appropriately uses the installment-sales method of accounting. The following information pertains to Piper's operations for 2015: $\begin{array}{lr}\text { Installment sales } & 3,600,000 \\\text { Cost of installment sales } & 2,160,000 \\\text { General and administrative expenses } & 360,000 \\\text { Collections on installment sales } & 1,650,000\end{array}$ The balance in the deferred gross profit account at December 31, 2015 should be

• A) $660,000.
• B) $990,000.
• C) $780,000.
• D) $1,440,000.

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Definitions:

Managers

Individuals responsible for controlling or administering all or part of a company or similar organization.

Manage Conflict

The process of identifying and addressing differences that arise in a group, aiming to reach an agreement or solution.

Assertive

Exhibiting confidence and directness in stating needs or opinions without being aggressive.

Competitor

Someone who manages conflict by being competitive and pushing ideas and solutions on others.