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Business & Finance Assignment | Custom Assignment Help

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October 8th, 2019

.Newton Co. had instalment sales of $1,000,000 and cost of instalment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the instalment receivable was $30,ooo. The repossessed merchandise had a fair value of $15,000.Instructions(a) Calculate the rate of gross profit on 2010 instalment sales.(b) Make the entry record the repossession.

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Newton Co. had instalment sales of $1,000,000 and cost of instalment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the instalment receivable…Business & Finance homework help today.

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