Question
On 12/11/19, XTC Corp. receives an order from a customer for 1,000 units of a product at a price of $15 per unit. Either party
On 12/11/19, XTC Corp. receives an order from a customer for 1,000 units of a product at a price of $15 per unit. Either party may cancel the order without penalty prior to shipment. XTC delivers the product on 12/23/19, and the customer is given 15 days to pay. The customer pays the amount owed on 1/3/20. Assume the unit cost was $9. Please omit the dollar sign from all answers below.
A. What amount of Sales Revenue should XTC record from this transaction in 2019?
B. What amount of Cost of Goods expense should XTC record from this transaction in 2019?
C. What amount of Sales Revenue should XTC record from this transaction in 2020?
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
