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Seeman Furniture uses the installment-sales method. No further collections could be made on an account with a balance of $18,000.

15.Seeman Furniture uses the installment-sales method. No further collections could be made on an account with a balance of $18,000. It was estimated that the repossessed furniture could be sold as is for $5,400, or for $6,300 if $300 were spent reconditioning it. The gross profit rate on the original sale was 40%. The loss on repossession was a. $4,800. b. $4,500. c. $12,000. d. $12,600.

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