Question
In the month of March the Chester Corporation received and delivered orders of 154,000 units at a price of $15.00 for revenue of $2.310mil for
In the month of March the Chester Corporation received and delivered orders of 154,000 units at a price of $15.00 for revenue of $2.310mil for their product Cake. Chester uses the accrual method of accounting and offers 30 day credit terms. By the end of May Chester had collected payments of $2.310mil for the March deliveries. How much of the collected $2.310mil should Chester show on the March 31st income statement and how much on the May 31st income statement?
In the month of March the Chester Corporation received and delivered orders of 154,000 units at a price of $15.00 for revenue of $2.310mil for their product Cake. Chester uses the accrual method of accounting and offers 30 day credit terms. By the end of May Chester had collected payments of $2.310mil for the March deliveries. How much of the collected $2.310mil should Chester show on the March 31st income statement and how much on the May 31st income statement?
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Financial and managerial accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
1st edition
111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114
