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S5-1 (similar to) Question Help On December 23, 2018, Richardson Sports Manufacturing sells a truckload of merchandise to the Global Sports store in Toledo, Ohio.
S5-1 (similar to) Question Help On December 23, 2018, Richardson Sports Manufacturing sells a truckload of merchandise to the Global Sports store in Toledo, Ohio. The terms of the sale are FOB destination. The truck runs into bad weather on the way to Toledo and doesn't arrive until January 2, 2019. Richardson's invoice totals $190,000. The company's year end is December 31. What amount should Richardson reflect in its 2018 income statement for this sale? sales revenue for this sale on the income statement in 2018. Since the goods were Richardson should reports sold FOB destination, revenue is not recorded until the goods are received is recorded at the time of the sale. is recorded partially at the time of sale and partially when the products arrive
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