Sheffield Company has $145,000 of inventory at the beginning of the year and $131,000 at the end of the year. Sales revenue is $1,972,800, cost of goods sold is $1,145,400, and net income is $248,400 for the year. The inventory turnover ratio is: Multiple Choice 1.8 6.0. 14.3 8.3.

Purchasing power parity (PPP) does not hold due to various reasons. One of the reasons is that not all goods are traded, which is answer choice (a). This means that the prices of non-traded goods can differ across countries, affecting the overall PPP.

Another reason why PPP does not hold is the influence of shipping costs, as mentioned in answer choice (b). Shipping costs can vary depending on the distance between countries and the transportation methods used. These costs can affect the final price of goods, leading to differences in exchange rates.
Import taxes or restrictions, as stated in answer choice (c), also play a role in why PPP may not hold. Governments often impose tariffs or quotas on imported goods, which can alter their prices and distort the exchange rates between countries.
In summary, all of the above factors (not all goods being traded, shipping costs, and import taxes/restrictions) contribute to why purchasing power parity does not always hold. These factors introduce variations in prices across countries, affecting the relationship between exchange rates and the purchasing power of different currencies.

Hence Option a is correct.

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In any organization, effective communication plays an essential role. Communication is a process of transmitting messages, exchanging information, and sharing ideas. In today's world, employers expect their employees to be competent in various communication tasks.

Communication tasks that employers expect their employees to be competent at are:

1. Writing: Writing is an essential communication task that involves writing reports, emails, letters, memos, and other documents.

2. Verbal communication: Verbal communication is the exchange of information or messages through the spoken word. It involves listening, speaking, and asking questions.

3. Nonverbal communication: Nonverbal communication is any communication that does not involve words. It can include facial expressions, body language, and tone of voice.

Communication barriers that organizations face are:

1. Language barriers: Language barriers occur when people are unable to communicate because they do not share a common language. This is a common issue for organizations that work with diverse populations.

2. Cultural barriers: Cultural barriers occur when people from different cultures have different expectations and norms for communication. For example, in some cultures, it is considered rude to make direct eye contact.

3. Physical barriers: Physical barriers include anything that prevents communication from occurring. This can include noise, distance, or even technology issues.

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Stock repurchases are an attractive alternative to dividends because the repurchase of a firm's shares reduces the number of shares outstanding, thus raising earnings per share and improving stockholders' expectations. Stock repurchases also allow businesses to fund their capital needs without borrowing money, of capital in the long run.

Additionally, stock repurchases allow management to retain control over the company since they are not required to pay dividends on the shares repurchased. The management of a firm can use a variety of financial instruments to return profits to shareholders.

Dividends are a standard method for firms to distribute earnings to shareholders. When a firm pays dividends, it distributes a portion of its profits to shareholders in the form of cash or shares of stock.

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Prepaid expenses: Prepaid expenses are expenditures that have been paid for in advance by a business in preparation for goods or services to be received in the future.

An example of financial activity: A financial transaction is a transaction that affects the company's finances, such as sales, purchases, and payments.

Liability: A liability is a legal responsibility for debts or other financial obligations.

Balance sheet: A balance sheet is a financial statement that displays the assets, liabilities, and equity of a company as of a specific date.

Current Ratio: The current ratio is a financial ratio that compares a company's current assets to its current liabilities.

Annual depreciation: Annual depreciation is a non-cash expense that occurs as a result of the deterioration in the value of a business asset over time.

To conclude, the above terms were matched according to their meaning in the financial context.

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After the stock market crash of 1929, Franklin Delano Roosevelt embraced cooperative federalism.

Cooperative federalism, also known as "marble cake federalism," refers to a system of federalism where the federal government and state governments work together collaboratively to address national issues and implement policies. This approach emphasizes intergovernmental cooperation and coordination.

In response to the economic challenges of the Great Depression, President Roosevelt implemented various policies and programs as part of his New Deal agenda. These initiatives involved significant collaboration between the federal government and state governments to stimulate the economy, provide relief to those affected by the depression, and promote recovery.

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Current liabilities that arise from transactions with customers: Gift cards sold, Customer Loyalty Provision. Current liabilities that arise from transactions with employees: Wages payable, EI and CPP payable. Current liabilities that arise from transactions with lenders: Current portion of long-term debt, Bank overdraft. Current liabilities that arise from transactions with shareholders: Dividend payable.

Not a current liability: Estimates of future costs associated with assurance-type warranties, Warranty expense. Classifications:

A) Current liabilities that arise from transactions with employees

B) Current liabilities that arise from transactions with customers

C) Current liabilities that arise from transactions with lenders

D) Current liabilities that arise from transactions with shareholders

E) Not a current liability

Situations: 1. Gift cards sold - Current liabilities that arise from transactions with customers

2. Wages payable - Current liabilities that arise from transactions with employees

3. Wages Expense - Not a current liability

4. Estimates of future costs associated with assurance-type warranties - Not a current liability

5. EI and CPP payable - Current liabilities that arise from transactions with employees

6. Annual corporate income tax payable - Not a current liability

7. Current portion of long-term debt - Current liabilities that arise from transactions with lenders

8. Bank overdraft - Current liabilities that arise from transactions with lenders

9. Dividend payable - Current liabilities that arise from transactions with shareholders

10. Warranty expense - Not a current liability

11. Customer Loyalty Provision - Current liabilities that arise from transactions with customers

12. Sale of service-type warranties - Not a current liability.

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The answer is the purchaser bears the risk in the meantime, and the explanation is that the risk of loss passes from the seller to the purchaser at the time when the seller delivers the goods to the purchaser.

Risk in sales refers to the possibility of loss or harm occurring from an event. When a good is bought or sold, a risk of loss exists. The risk of loss is the possibility that an item will be destroyed or damaged before the buyer receives it, resulting in a loss to the buyer or seller. In some circumstances, such as when a sales contract specifies otherwise, the risk of loss remains with the seller until the purchaser takes possession of the goods. However, in most situations, the risk of loss transfers to the purchaser as soon as the seller delivers the goods. When Jones walks into the car lot and points out a car, the risk of loss will be transferred to Jones as soon as Sam delivers the vehicle. Therefore, it is the purchaser who bears the risk in the meantime.

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The term that is used to refer to returning goods, property, or funds previously conveyed is called a "rescission."

Rescission refers to the process of returning goods, property, or funds previously conveyed. It is a process that requires a party to return what was originally received to its previous state. Rescission is usually implemented when there is a material breach of contract or when fraud has occurred in the transaction. A material breach occurs when a party fails to fulfill its obligations under the contract, resulting in a significant harm to the other party. Fraud, on the other hand, is when a party misrepresents material facts about the transaction, which causes the other party to suffer losses. In both cases, rescission is an option available to the injured party to restore the transaction to its original state, as if it never happened.

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The notes to the financial statements typically include details of selected balance sheet accounts, significant accounting policies, commitments, contingencies, and other disclosures not included in the balance sheet or other financial statements.

The notes to the financial statements provide additional information and explanations about the financial statements presented in the main body. They serve to enhance the understanding of the financial statements and provide more transparency to the readers.

The details of selected balance sheet accounts are often included to provide additional context and breakdown of the reported amounts.

Significant accounting policies are disclosed to explain the methods and principles used in preparing the financial statements. This helps readers understand the basis on which the financial statements are prepared and enables them to make meaningful comparisons with other companies.

Commitments, contingencies, and other disclosures not included in the balance sheet or other financial statements are typically included in the notes. These may include information about pending lawsuits, lease agreements, or other contractual obligations that could impact the financial position of the company.

Information about employment agreements may be included in the notes, especially if they have significant financial implications or if they are relevant to understanding the financial performance of the company. Similarly, details about director compensation may be disclosed to provide transparency regarding the remuneration of key individuals in the organization.

On the other hand, information about officer compensation and ownership of the firm's securities is usually not included in the notes to the financial statements. These details are typically provided in other sections of the company's filings, such as proxy statements or other regulatory disclosures.

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To help employees work together to fix issues and foster better relationships, it is important to focus on several key steps.Spend more time getting to know each employee: By investing time in building relationships with each individual, you can develop a better understanding of their strengths, weaknesses, and motivations.

This will enable you to create an environment that encourages collaboration and mutual respect. Help them see the importance of both groups' roles: It is essential to communicate the significance of each group's contributions towards meeting company goals. Emphasize that both groups have valuable skills and perspectives that, when combined, can lead to better outcomes. Encourage open dialogue and the sharing of ideas to foster a sense of unity.

Bring the groups together: Organize team-building activities or collaborative projects that involve members from both groups. This will allow them to work together towards a common goal, helping to break down barriers and build stronger relationships. Encourage open communication, active listening, and empathy during these activities.

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Information plays a crucial role in economics as it is the foundation for the records of ownership and transactions that define an economy. Without its, economies cannot function effectively.

Information is the backbone of economic systems, as it provides the necessary data for tracking ownership, exchange, and transactions. In essence, information acts as the ledger that records who owns what and facilitates economic interactions.

These records of ownership are essential for establishing trust, enforcing contracts,  ensuring transparency in economic activities. The way information is recorded and stored is vital to the efficiency and effectiveness of economic processes.

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A recession is generally followed by an economic recovery in which the economy starts growing again. This recovery phase is also called an expansion period.

During a recession, the economy experiences a decline in economic growth, income, and employment, which leads to reduced consumer spending and business investment.

This, in turn, creates a downward spiral that makes it difficult for the economy to grow. The recovery phase occurs when the economy starts growing again, and unemployment decreases.

During the expansion period, consumer spending and business investment begin to increase, leading to an increase in economic growth. The government may also employ monetary and fiscal policy measures to stimulate the economy during this period.

Monetary policy involves the use of interest rates, while fiscal policy involves the use of government spending and taxation. The length and strength of the recovery period vary, depending on several factors, such as the severity of the recession and the government's policy response.

The recovery period can last for several years, and during this period, the economy may experience a boom or periods of slower growth.

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The opportunity cost of winning a free ticket to the World Series worth $885 and choosing to attend the game is the value of the next best alternative that is foregone by attending the game. In this case, the opportunity cost would depend on the value of the alternative activity or opportunity that is sacrificed.

For example, if the individual had the option to sell the ticket for $500, but chooses to attend the game instead, the opportunity cost would be $500. This is because by attending the game, they are giving up the opportunity to earn $500 from selling the ticket.
Alternatively, if the individual had no other valuable alternative and attending the game is the most desirable option for them, the opportunity cost would be considered zero. This means that the individual is not sacrificing any other valuable opportunity by choosing to attend the game.
It's important to note that opportunity cost is subjective and can vary depending on individual preferences and available alternatives. Therefore, the exact opportunity cost in this scenario would depend on the specific circumstances and alternatives available to the individual.

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1. The value-added activities in Jannet's operation are as follows:a) Washing and Cutting of the potatoes

1. The value-added activities in Jannet's operation are as follows:a) Washing and Cutting of the potatoes

b) Deep Frying

c) Boxing the fried potatoes, adding napkins, utensils, ketchup, vinegar, and mustard packs to the box, and handing it to the customer

2. The non-value-added activities in Jannet's operation are as follows: a) Draining the cut potatoes

b) Cooling of fried batches.

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To calculate depreciation for 20x1, 20x2, and 20x3 using each of the methods mentioned, we need to consider the different depreciation methods available.


Straight-line depreciation: This method allocates an equal amount of depreciation expense over the useful life of an asset. To calculate the annual depreciation expense, divide the cost of the asset by its useful life.For example, let's assume an asset has a cost of $10,000 and a useful life of 5 years. The annual straight-line depreciation expense would be $10,000 / 5 years = $2,000.For 20x1, since it is a partial year, we need to calculate the depreciation expense based on the number of months the asset is in service. Assuming the asset was put into service on January 1, 20x1, and the fiscal year-end is December 31, the asset is in service for 12 months in 20x1. Therefore, the depreciation expense for 20x1 would be $2,000.

For 20x2 and 20x3, since the fiscal year-end is December 31, the asset is in service for the full year. Hence, the annual depreciation expense for both years would also be $2,000. Declining balance depreciation: This method allocates a higher depreciation expense in the earlier years and gradually decreases the amount over time. The most common declining balance method is the double-declining balance method.The depreciation rate is usually double the straight-line rate. Then, we apply the depreciation rate to the asset's net book value (cost - accumulated depreciation) at the beginning of the year.

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A lack of clear communication, inconsistent policies, and a lack of support can all lead to low levels of job satisfaction and organizational commitment.

There are numerous problems that the customer service team is experiencing at the service station related to job satisfaction and organizational commitment, which are discussed below:

The problems that customer service team members are facing in terms of job satisfaction and organizational commitment are numerous. They are discussed below:

1. High Job Demand: Customer service team members face a high job demand. They have to interact with a large number of clients regularly, which can be mentally and emotionally exhausting. This can result in a decrease in their job satisfaction, commitment, and motivation levels.

2. Lack of Recognition: Customer service team members at the service station may feel that their efforts are not adequately recognized or valued by the organization. This can lead to a decrease in their job satisfaction levels and organizational commitment.

3. Poor Work Environment: The work environment at the service station may not be conducive to customer service team members' productivity and job satisfaction. A poor work environment can lead to stress, anxiety, and a lack of motivation.

4. Inadequate Training: The customer service team at the service station may not receive adequate training to meet the demands of their job. This can result in a lack of job satisfaction and organizational commitment.

5. Inadequate Feedback: Customer service team members may not receive adequate feedback on their performance, which can lead to a decrease in their job satisfaction and organizational commitment levels.

6. Poor Management: Poor management can also result in a decrease in job satisfaction and organizational commitment levels.

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In this scenario, the company would record the equipment at $99,000 and a loss on the exchange of assets of $16,000. Therefore, the correct option is a) $99,000 $ (16,000).

To determine the amounts to be recorded for equipment and gain/loss on the exchange of assets, we need to compare the fair value and book value of the land.

Fair value of the land: $90,000

Book value of the land: $106,000

Since the fair value of the land is lower than its book value, there is a loss on the exchange of assets.

Calculation:

Loss on Exchange = Book Value - Fair Value

Loss on Exchange = $106,000 - $90,000

Loss on Exchange = $16,000

Now, we need to determine the amount to be recorded for equipment.

Equipment = Fair Value of the Land + Cash Paid

Equipment = $90,000 + $9,000

Equipment = $99,000

Therefore, the correct amounts to be recorded are:

Equipment: $99,000

Gain (Loss): $(16,000)

So, the correct answer is option a) $99,000 $ (16,000).

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The correct statement regarding the calculation of CPI and GDP is "CPI calculations take a fixed basket for the quantity.

"The Consumer Price Index (CPI) and Gross Domestic Product (GDP) are both crucial economic indicators that are used to measure the overall health of an economy. they differ in terms of what they measure and how they measure it.

CPI measures inflation by comparing the price of a fixed basket of goods and services purchased by consumers over time. It helps in tracking the changes in the cost of living of the people. CPI calculations take a fixed basket of goods for the quantity produced.

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(a) Five behaviors and skills of an effective leader:

Communication

Emotional intelligence

Decision-making

Adaptability

Delegation:

(b) Autocratic leadership is a leadership style in which the leader holds complete authority and control over decision-making and task execution.

An autocratic leader typically has a top-down approach, where instructions flow from the leader to the team members. They maintain a hierarchical structure and exercise their power and control over the team. The decision-making process is centralized, and team members may have limited or no input in the decision-making process.

This leadership style can be effective in situations where quick and decisive actions are required, or when team members lack the necessary expertise or experience to make decisions.

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The answer is that the statement "Terms may be implied into the contract by law" is TRUE about terms of the contract.

The terms of the contract refer to the conditions that are accepted by all parties involved in the contract. The following statements have been made in regards to the terms of a contract:

Terms are representations before a contract is formed. This statement is incorrect. Representations are statements that are made to convince someone to enter into a contract. These statements are not binding and do not form a part of the contract.

All terms of the contract must be express. This statement is incorrect. There are two types of terms in a contract: express and implied. Express terms are those that are written in the contract, whereas implied terms are not written, but they are still binding. It's possible for a contract to have both express and implied terms.

Contradictory oral evidence may be admitted even if the contract has been put in writing. This statement is incorrect. If a contract has been put in writing, oral evidence cannot be used to change its terms. This is known as the "parol evidence rule."Terms may be implied into the contract by law. This statement is true. There are certain terms that are implied into every contract as a matter of law. For example, if you hire someone to paint your house, it is implied that they will use paint that is suitable for the job and that they will carry out the work with reasonable care and skill.

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The reasons why a government might choose to get involved in state-sponsored cyber warfare can vary, and more than one answer may be correct. Here are the potential reasons:

It is relatively inexpensive compared to traditional warfare: State-sponsored cyber warfare can be a cost-effective option for governments compared to traditional military operations.

Developing and executing cyber attacks can require fewer resources and funding than deploying physical forces or acquiring advanced weaponry.

It is often difficult to trace and identify: Cyber attacks can be executed with a certain level of anonymity, making it challenging to trace the source back to the sponsoring government.

This provides a degree of deniability, allowing governments to engage in offensive cyber operations without direct attribution.

It can cause widespread damage to IT infrastructure: Cyber warfare has the potential to inflict significant damage on the IT infrastructure of targeted entities, such as critical infrastructure systems, government networks, or financial institutions.

Disrupting or disabling these systems can have far-reaching consequences, impacting various aspects of society and causing significant disruption.

It does not require an organized group to execute attacks: Unlike traditional warfare that often requires organized military units, cyber attacks can be carried out by relatively small teams or even individual actors.

This flexibility allows governments to engage in offensive cyber operations without the need for a large-scale military structure.

It's important to note that the decision to engage in state-sponsored cyber warfare is a complex matter influenced by geopolitical factors, national security concerns, and strategic objectives.

The reasons listed above are some potential motivations, but there may be other factors specific to each government's context and goals.

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The total surplus to the group if they provide the public good is $195.3.

To get the total surplus to the group if they provide the public good, we need to understand the concept of consumer surplus and how it is calculated.

Consumers surplus is the difference between the total amount that consumers are willing to pay for a good or service and the actual amount that they have to pay in the market. It is calculated by subtracting the market price from the total willingness to pay of consumers.

Mathematically, consumers surplus can be represented as:

Consumers surplus = Total willingness to pay – Market price.

To determine the total surplus to the group if they provide the public good, we need to determine the total willingness to pay of the group and the market price of the public good.

The total willingness to pay for the public good is calculated by adding the values that each member of the group attaches to the public good.

Therefore:

Total willingness to pay = Adam’s value + Ben’s value + Carl’s value

= $70 + $393.5 + $189.1

= $652.6

The market price of the public good is the cost of the good which is a one-off cost of $457.3

Therefore, the total surplus to the group if they provide the public good is:

Total surplus = Total willingness to pay – Market price

= $652.6 - $457.3

= $195.3

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Here is the journal entry to record the transactions:Jan. 20 Sold all 1,000 shares of Willhite Corporation common stock at $55 per share.Cash   =        55,000 Investment in stock = 45,000 Gain on sale of stock investment = 10,000Jan. 28 Purchased 400 shares of $10 par value common stock of Liggett Corporation at $78 per share.

Investment in stock  =  31,200 Cash  =          31,200Jan. 30 Received a cash dividend of $1.15 per share on Hutcherson Corp. common stock.Cash   =       2,300 Dividend income  = 2,300Feb. 8 Received cash dividends of $0.40 per share on Downing Corp. preferred stock.Cash  =      480 Dividend income  = 480Feb.

18 Sold all 1,200 shares of Downing Corp. preferred stock at $27 per share.Cash  =     32,400 Investment in stock = 34,200 Loss on sale of stock investment  = 1,800July 30 Received a cash dividend of $1.00 per share on Hutcherson Corp. common stock.Cash  =      2,000 Dividend income  = 2,000Sept. 6 Purchased an additional 900 shares of $10 par value common stock of Liggett Corporation at $82 per share.

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The current account balance is equal to-D.  Trade balance + services balance + unilateral transfers + net investment income.

The statement "The current account balance is equal to" is completed by the fourth option "Trade balance + unilateral transfers + net investment income."

Option A is incorrect since it is missing "unilateral transfers."

Option B is incorrect since it has the wrong sign on "capital account balance."

Option C is incorrect since it does not include "unilateral transfers."T

he following is a breakdown of the different elements that make up the current account balance:

Trade balance: This refers to the balance of trade, which is the difference between a country's total imports and exports of goods and services.

If a country exports more than it imports, it has a positive trade balance, and if it imports more than it exports, it has a negative trade balance.

Services balance: This refers to the balance of services, which is the difference between a country's total exports and imports of services.

Similar to the trade balance, if a country exports more services than it imports, it has a positive services balance, and if it imports more services than it exports, it has a negative services balance.

Unilateral transfers: These are transfers of wealth between countries that are not associated with the provision of goods, services, or financial assets.

For example, foreign aid is a unilateral transfer.

Net investment income: This refers to the income generated from a country's investments in foreign countries minus the income generated by foreign investments in that country.

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The firm has used structured educational programs at the workplace or off-site to support employee development.

By organizing structured educational programs either at the workplace or off-site, the firm provides employees with the necessary tools and knowledge to enhance their performance within the organization.

These programs are designed to equip employees with specific skills and competencies that are relevant to their roles and responsibilities. Through these programs, employees gain a deeper understanding of their job requirements, learn new techniques and approaches etc.

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In this situation, one can infer that when 25 employees are hired, the value of the marginal product of labor exceeds the wage (option D).

When a profit-maximizing firm hires employees, it is based on the wage paid to them and the value they contribute to the company, which is the marginal product of labor.

If the value of the marginal product of labor exceeds the wage, it indicates that hiring additional employees is profitable for the firm. This is exactly the situation in the company described.

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c) Duration estimates. The team member doing the work should have input into duration estimates.

Since they will be performing the activities, their knowledge and expertise are crucial in determining how long each activity will take to complete. By involving the team member in the estimation process, their insights can be considered, resulting in more accurate and realistic duration estimates. This collaborative approach helps ensure that the approved schedule reflects the actual time required for each activity, increasing the chances of successful project execution and resource allocation.

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The average purchase price per share for this customer is approximately $22.22.

To calculate the average price of the stock over the given time period, we need to find the total value of the stock purchases and divide it by the total number of shares.

February purchase: $200 / $25 = 8 shares

March purchase: $200 / $16 = 12.5 shares (rounded to the nearest whole number, which is 12)

April purchase: $200 / $27 = 7.41 shares (rounded to the nearest whole number, which is 7)

Total value of stock purchases = (8 shares * $25) + (12 shares * $16) + (7 shares * $27)

= $200 + $192 + $189

= $581

Total number of shares = 8 + 12 + 7 = 27

Average price of the stock = Total value of stock purchases / Total number of shares

= $581 / 27

≈ $21.52

Therefore, the average price of the stock over this time period is approximately $21.52.

To calculate the average purchase price per share for this customer, we need to find the total amount spent on stock purchases and divide it by the total number of shares.

Total amount spent on stock purchases = $200 + $200 + $200 = $600

Average purchase price per share = Total amount spent on stock purchases / Total number of shares

= $600 / 27

≈ $22.22

Therefore, the average purchase price per share for this customer is approximately $22.22.

The closest answer option is D. Average Price: $22.67; Average Purchase Price Per Share: $21.50.

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The task-objective method is the approach that develops a promotional budget based on a thorough evaluation of the firm's promotional goals.

d) The task-objective method

The task-objective method is the approach that develops a promotional budget based on a thorough evaluation of the firm's promotional goals. This method involves identifying specific promotional tasks and objectives, estimating the costs associated with each task, and then aggregating those costs to determine the overall promotional budget. It ensures that the budget allocation aligns with the objectives and requirements of the promotional campaign, allowing for a more strategic and goal-oriented approach to resource allocation.

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Charter Corporation, which began business in 2016, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2016 and 2017:

How much gross profit should Charter recognize in 2016 and 2017 from installment sales?

What should be the balance in the deferred gross profit account at the end of 2016 and 2017?

Solution:1. Gross profit to be recognized in 2016 and 2017:

Gross profit percentage = (Selling price - Cost)/Selling price

= ($ 200,000 - $ 150,000)/$ 200,000

= 25%

The installment sales revenue is $ 400,000, out of which only $ 120,000 (30% of $ 400,000) is recognized in 2016 and the remaining balance of $ 280,000 (70% of $ 400,000) is deferred to the next year, i.e. 2017.

Gross profit to be recognized in 2016:

Gross profit percentage = (Selling price - Cost)/Selling price

= ($ 200,000 - $ 150,000)/$ 200,000

= 25%

Gross profit recognized in 2016 = Gross profit percentage * Revenue recognized in 2016

= 25% * $ 120,000

= $ 30,000

Gross profit to be recognized in 2017:

Gross profit percentage = (Selling price - Cost)/Selling price

= ($ 200,000 - $ 150,000)/$ 200,000

= 25%

Gross profit recognized in 2017 = Gross profit percentage * Revenue recognized in 2017

= 25% * $ 280,000

= $ 70,0002.

Deferred gross profit account balance at the end of 2016 and 2017:

Deferred gross profit as on 31st December 2016 = Balance of deferred gross profit from 2016 + Gross profit deferred to 2017

= $ 0 + 25% * $ 280,000

= $ 70,000

Deferred gross profit as on 31st December 2017 = Balance of deferred gross profit from 2017 + Gross profit deferred to 2018

= $ 70,000 + $ 0

= $ 70,000

Therefore, gross profit to be recognized in 2016 is $ 30,000 and in 2017 is $ 70,000. The balance in the deferred gross profit account at the end of 2016 and 2017 is $ 70,000.

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