In Its December 31, 2009, Balance Sheet, Lake Would Report

question 89

Multiple Choice

In its December 31, 2009, balance sheet, Lake would report:

• A)Deferred gross profit of $700,000.
• B)Deferred gross profit of $1,050,000.
• C)Installment receivables (net) of $750,000.
• D)Installment receivables (net) of $900,000.As of 12/31/2009, the installment receivable would be as follows:

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Definitions:

Cellulose

A complex carbohydrate that constitutes the primary structural component of plant cell walls and is a dietary fiber in human nutrition.

Longitudinal Section

A slice or section of an object or organism made along its length, used to visualize internal structures in relation to its long axis.

Parenchyma

Tissue found in plants, consisting of unspecialized living cells with thin cell walls, involved in photosynthesis, storage, and tissue repair.

Meristematic

Referring to regions in plants where undifferentiated cells (meristems) are actively dividing, allowing for growth in length or diameter.