Seeman Furniture uses the installment sales method. No further collections could be made on an account with a balance of $12,000. It was estimated that the repossessed furniture could be sold as is for $3,600, or for $$4,200 if $200 were spent reconditioning it. The gross profit rate on the original sale was 40%. What was loss on repossession?© BrainMass Inc. brainmass.com June 3, 2020, 9:33 pm ad1c9bdddf
The loss of repossession of furniture for a gross profit rate of 40% is determined.