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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