Skid more Company sold merchandise on July 1, 2007 to Joseph Company, accepting a $100,000 down payment and a 8% note payable for the balance
Skid more Company sold merchandise on July 1, 2007 to Joseph Company, accepting a $100,000 down payment and a 8% note payable for the balance of $400,000. The cost of the merchandise to Skid more was $350,000. The terms of the contract include a right by the Joseph Company to cancel the contract anytime in the next 12 months.
Calculate sales revenue for 2007 recorded on this sale, assuming Skid more elects to use the deposit method.
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Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
