Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

K On December 23, 2018, Thompson Sports Manufacturing sells a truckload of merchandise to the Global Sports store in Dayton, Ohio. The terms of

image text in transcribed

K On December 23, 2018, Thompson Sports Manufacturing sells a truckload of merchandise to the Global Sports store in Dayton, Ohio. The terms of the sale are FOB destination. The truck runs into bad weather on the way to Dayton and doesn't arrive until January 2, 2019. Thompson's invoice totals $190,000. The company's year-end is December 31. What amount should Thompson reflect in its 2018 income statement for this sale? Thompson should report $ sales revenue for this sale on the income statement in 2018. Since the goods were sold FOB destination, revenue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Forensic Accounting and Fraud Examination

Authors: William Hopwood, george young, Jay Leiner

2nd edition

978-007813666, 78136660, 978-0078136665

More Books

Students also viewed these Accounting questions

Question

Task. How to Create a two-dimensional Scatter Chart.

Answered: 1 week ago

Question

Task. How to Create a three-dimensional Surface Chart.

Answered: 1 week ago