Fiscal Year-2010 Presented below is information related to Allman's operations for 2010.
{"Image DocumentName": "Fiscal Year-2010Presented below is information related to Allman\u2019s operations for 2010.", "Image ImageDescription": "In 2010, the company completed seven contracts that allow for the customer to pay on an installment basis. Allman recognized the related gross profit of  560,000 for financial reporting purposes. It reported only  112,000 of gross profit on installment sales on the 2010 tax return. The company expects future collections on the related installment receivables to result in taxable amounts of  112,000 in each of the next four years. At the beginning of 2010, Allman Company purchased depreciable assets with a cost of  540,000. For financial reporting purposes, Allman depreciates these assets using the straight-line method over a six-year service life. The following is the depreciation schedule for both financial and tax purposes. LO 11.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}