Unformatted text preview: The worksheets that follow provide pro forma workpapers to help you solve the assigned
homework problems. They organize your solution in a manner that is consistent with the analytical
methods that we discuss in class and allow you to focus on the technical issues, rather than
workpaper techniques and computer skills.
However, you should continuously analyze the organization of the solution and the answers that
you receive, as you work the problems. That is the only way that you will learn the skills and
techniques that you will need for your long-term success. You should also refrain from checking the
correct answers until after you have completed your solution.
Click on the appropriate tab below to move to the worksheet for the homework problem that you
want to work on.
Once you have completed the assignment, save the file to your computer, then submit it in the
manner prescribed in the course syllabus.
NOTE: Cells with red dots in them contain notes that provide additional information about the cell
contents. Double click on those cells to read the notes. Also, you need enter information only in the
cells that are highlighted in bright yellow. Installment Sales Prob. 16-23
Two Payments GAIN REALIZED
Cash Received Check Figures
AMOUNT REALIZED $5,000
GAIN REALIZED ($40,000)
$58,800 Less: GAIN RECOGNIZED
Ordinary Income (deprec. recapture)
Gross Profit $58,800 $58,800
$58,800 Selling Price
Debt Relief $100,000
$85,000 Contract Price
Gross Profit Percentage
$58,800 $85,000 69% Year 1
Gross profit %
$3,459 Years 2 - 9
Gross profit %
Total Installments Total Recognized Profits $6,918
$58,800 $58,800 ...
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