Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 11, 2024

1 poi On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of P3,000. The goods

1 poi On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of P3,000. The goods were shipped by ABC on December 31, 20xl and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P20. ABC Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x2? 3,020 3,000 2,980

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations of Financial Management

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

10th Canadian edition

1259261018, 1259261015, 978-1259024979

Students also viewed these Accounting questions

Question

★★★★★

Toys are produced by a competitive industry. Santa Claus gives away one million free toys each year. Illustrate Santa's effect on (a) The price of toys, (b) The consumer surplus, (c) The producer...

Answered: 1 week ago

Question

★★★★★

In terms of race and ethnicity biases, were the data collection instruments screened so that the test content reflected various racial and ethnic minority groups? Was consideration given to cultural...

Answered: 1 week ago

Question

★★★★★

On January 1, 2014, Prince Corporation acquired 70% of the 100,000 outstanding voting shares of Song Limited for a cash consideration of $1,015,000. On that date, shares of Song Limited were trading...

Answered: 1 week ago

Question

★★★★★

Question 3 1 pts Your company has a project available with the following cash flows: YearCash Flow 0-$81,100 1 21,500 2 25,000 3 30,800 4. 26,000 5 19,800 If the required return is 14 percent, should...

Answered: 1 week ago

Question

★★★★★

13. Which of the following would be considered a crime of conduct? conspiracy to commit murder manslaughter criminal homicide sexual assault

Answered: 1 week ago

Question

★★★★★

Cost of goods sold (COGS): $70 Direct labor: $20 Direct materials used (DM): $15 Overhead applied at 200% of DM: 200% * $15 = $30 Cost of goods manufactured (COGM): $80 Work in process beginning...

Answered: 1 week ago

Question

★★★★★

As more employees are working remotely, organizations want to ensure they are complying with the HIPAA Security Rule and properly secure PHI being transferred between the employee and the...

Answered: 1 week ago

Question

★★★★★

The following data are for Paso Robles Company for the year ended 2009 December 31: COSTS : DIRECT MATERIAL$90000 DIRECT LABOR130000 MANUFACTURING OVERHEAD : VARIABLE45000 FIXED90000 SALES COMMISSION...

Answered: 1 week ago

Question

★★★★★

The analyzing of organizations in the lens of this theory features the use of asking questions in order to gage the health of the organization. One of the questions often asked with the use of this...

Answered: 1 week ago

Question

★★★★★

You have configured a switch. You have set the IP on VLAN500. The uplink port which is connected t the router is also in VLAN500. You have just connected 3 devices to the switch ports. The devices...

Answered: 1 week ago

Previous Question Next Question