Answer:
B. Installment credit
Explanation:
Installment credit refers to the type of loan where the borrower opts to repay in regular and fixed amounts. Installments are the small periodic payments that the borrower makes to the lender. Typically, installments are made monthly.
In installment credit, the repayment period may range from a few months to years. The installment amount has an interest and principal components.
Answer:
Cash basis OF accounting method $701,600
Accrual basis of accounting method$726,500
Explanation:
Computation of Al's gross income for 2020 using cash basis of accounting method
Gross income
Cash $687,600
Add advance payment $14,000
Total $701,600
Therefore Al's gross income using cash basis of accounting method will be $701,600
Computation of Al's gross income for 2020 using accrual basis of accounting method
Cash received $701,600
($687,600+$14,000)
Less: Income received but will not be earned until 2021 ($14,000)
Less: Beginning of year accounts receivable ($57,600)
Add End of year accounts receivable $96,500
$300,000
Total $726,500
Therefore Al's gross income using accrual basis of accounting method will be $726,500
The answer is D the answer depends on the interest rate which is not mentioned so there is not enough info
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