Hussong,Inc

question 66

Multiple Choice

Hussong,Inc. ,appropriately uses the installment sales method of revenue recognition.The company sold $1,500,000 on installment accounts during 2014.The cost of items sold was $900,000.At December 31,2014,Hussong reported a balance of $100,000 in the Deferred Gross Profit account.How much cash did Hussong collect on installment contracts during 2014?

• A) $600,000
• B) $500,000
• C) $250,000
• D) $1,250,000

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Definitions:

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