Please solve in 30 min Lakes Power Sports is a retailer of jet akis snd other motorised leisure venicles. Customerspayone-third ofthe purchase price of a jet aki at the outet, and then another one-thind each year for the next two yesreLeke edopts the insteiment seles techynique for revenue recognition because it has insufficient informationregarding the ability to collect these receivsbles. Leke begen openstions in 2020, seling jet skis for a total of$1,050.000, which cost Lake $525.000. Lake earned $350,000 in 202O, 5350,000 in 2021, and$350,000 in 2O22 from the treneectione. Leke sold jet ekis for $1770,000 in 2021, wrhich cost Lake$1,062,000. Lake earned $590,000 in 2021, $525.000 in 2022, and $625,000 in 2023 from suchtrensectione. Lake eiso repossessed $130,000 in jet ekje sold in 2021 in 2023. At the time they wererépoesessed, thode jet skis were worth 548,750.Total cash receipta firom instaiment sales in 2021 would be:Maitipie Choice$350,000.$940.000.$0.$840.000.

Legal tender is money (or coins) that can be used to exchange goods, debts, or services. For the…

kee Power Sports is e retsier of jet skis and other matorised leisure venices. Customene pag one-thind of he purchese price of a jet aks at the outset, and then anoftner one-thind each gear for the next two yeers ake adopta the instaiment asles technique for revenue recognifion because it has indufficient information egarding the abilitg to collect these receivabies Lake began operetions in 2020, seling jet skia for a totai of BLOS0,000, which coet Leke $525,000. Lake earned S350,000 in 2020, 6350,000 in 2021, and S3B0,000 in 2022 frem the trensestiona Leie soid jet sksa for BL770.000 in 2021, which ceset Leke BLO62.000. Lake eamed 6690,000 in 2021, S525.000 in 2022, and $525.000 in 2023 frem such bensectona Leike slas reposessed B30,000 in jet akis soid in 2021 in 2023. At the time treg were eposessed, those jet skia were worth 48,750. Total casih receipte from instaiment sales in 2021 wauid be Muitipie Choice

kee Power Sports is e retsier of jet skis and other matorised leisure venices. Customene pag one-thind of he purchese price of a jet aks at the outset, and then anoftner one-thind each gear for the next two yeers ake adopta the instaiment asles technique for revenue recognifion because it has indufficient information egarding the abilitg to collect these receivabies Lake began operetions in 2020, seling jet skia for a totai of BLOS0,000, which coet Leke $525,000. Lake earned S350,000 in 2020, 6350,000 in 2021, and S3B0,000 in 2022 frem the trensestiona Leie soid jet sksa for BL770.000 in 2021, which ceset Leke BLO62.000. Lake eamed 6690,000 in 2021, S525.000 in 2022, and $525.000 in 2023 frem such bensectona Leike slas reposessed B30,000 in jet akis soid in 2021 in 2023. At the time treg were eposessed, those jet skia were worth 48,750. Total casih receipte from instaiment sales in 2021 wauid be Muitipie Choice

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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