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Exercise 5-60 (Algorithmic) Calculation of Revenue Wallace Motors buys and sells used cars. Wallace made the following sales during January and February: a. Three
Exercise 5-60 (Algorithmic) Calculation of Revenue Wallace Motors buys and sells used cars. Wallace made the following sales during January and February: a. Three cars were sold to Russell Taxi for a total of $75,000; the cars were delivered to Russell on January 18. Russell paid Wallace $20,000 on January 18 and the remaining $55,000 on February 12. b. One car was sold to Hastings Classics for $26,000. The car was delivered to Hastings on January 25. Hastings paid Wallace on February 1. Required: Calculate the monthly revenue for Wallace for January and February. If answer is zero, enter "0". January 75,000 X revenue February 26,000 X revenue
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