Multiple Choice
In 2017,Amana sold 10 refrigerators that cost $825 each for a price of $1 285 each.Payments are made in 10 equal instalments with no down payment.During 2018,Amana collected $10 285 on the 2017 sales.Using the instalment method and assuming an interest rate of 10%,how much gross profit will Amana recognise in 2018?
A) $790
B) $129
C) $460
D) None;it is all recognised in 2017.
Correct Answer:
Verified
Correct Answer:
Verified
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