Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB destination. The goods arrived at the REl retail

image text in transcribedimage text in transcribedimage text in transcribed

On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB destination. The goods arrived at the REl retail store on January 2nd, 2020. Both Nike and REI have December 31 fiscal year ends. For 2019 Nike would record [Select] in Revenue because under FOB destination Revenue is recognized [Select] On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB destination. The goods arrived at the REI retail store on January 2nd, 2020. Both Nike and REI have December 31 fiscal year ends. in For 2019 Nike would record [Select] [Select] Revenue because under FOB $125,000 recognized (Select] $0 On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB destination. The goods arrived at the REI retail store on January 2nd, 2020. Both Nike and REI have December 31 fiscal year ends. For 2019 Nike would record [Select ] in Revenue because under FOB destination Revenue is recognized [Select] [Select] when the goods leave the sellers place of business. when the goods arrive at the purchasers place of business

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

14th Edition

1260247821, 978-1260247824

Students also viewed these Accounting questions