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| Lang Co. uses the installment method of revenue recognition. The following data pertain to Lang’s installment sales for the years ended December 31, year 3 and year 4: Year 3 Year 4 Installment receivables at year-end on year 3 sales $60,000 $30,000 Installment receivables at year-end on year 4 sales - 69,000 Installment sales 80,000 90,000 Cost of sales 40,000 60,000 What amount should Lang report as deferred gross profit in its December 31, year 4, balance sheet? A. $23,000 B. $33,000 C. $38,000 D. $43,000 |
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