Question
On July 1,Foster Corp. made a sale of $445,000 to Willette, Inc. on account. Terms of the sale were 3/10, n/30. Willette makes payment on
On July 1,Foster Corp. made a sale of $445,000 to Willette, Inc. on account. Terms of the sale were 3/10, n/30. Willette makes payment on July 29.
Foster uses most-likely-amount method and assumes that the customer will take the discount when accounting for sales discounts.
Ignore cost of goods sold and the reduction of inventory.
What net sale does Foster report?
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Financial Accounting Text Only
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
5th Edition
0006575404, 978-0006575405
