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Full accrual method and the cost recovery method

Historically, 55% of sales are collected in the year of the sale, 30% in the following year, and 10% in the 3rd year.
Assuming collections are as projected, give the journal entries for the years 2004-2007, assuming the cost recovery method.
(Ignore provision for bad debts).
Prepare a table comparing the gross profit recognized for 2004-2007 using the full accrual method and the cost recovery method.

Sales Gross Profit Percentage
2004 47,000 45%
2005 45,000 42%
2006 58,000 47%
2007 61,000 49%
Prepare a table comparing the gross profit recognized using the full accrual method and the cost recovery method.

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Historically, 55% of sales are collected in the year of the sale, 30% in the following year, and 10% in the 3rd year.
Assuming collections are as projected, give the journal entries for the years 2004-2007, assuming the cost recovery method.
(Ignore provision for bad debts).
Prepare a table comparing the gross profit recognized for 2004-2007 using the full accrual method and the ...

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This provides the steps to compare the gross profit recognized using the full accrual method and the cost recovery method

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