Analysis of Installment Sales – The following partial information is available for the Cupp Company:
Installment method sales
$120,000
3
Installment method cost of goods sold
1
$63,000
Gross profit percentage
2
30%
Cash receipts on installment method sales
2007 sales
25,000
4
2008 sales
5
Realized gross profit on installment method sales
2007 sales
5,000
7,000
2008 sales
9,000
Required
Compute the unknown amounts. (Note: It is not necessary to compute the amounts in the numerical sequence.)
