Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Telephone Sellers, Inc. is a distributor of prepaid telephone cards to customers in its convenience stores. When Telephone Sellers sells the cards, it then pays

Telephone Sellers, Inc. is a distributor of prepaid telephone cards to customers in its convenience stores. When Telephone Sellers sells the cards, it then pays the telecommunications company, TeleExpress, less a commission of 20 percent of the selling price to customers. Telephone Sellers receives $4,000 in cards in January 2020. Telephone Sellers sold 50% of the cards in February, 30% in March, and 20% in April. It costs TeleExpress $3,000 to provide the telephone service on the cards sold by Telephone Sellers. Indicate how much income Telephone Sellers should recognize in January, February, March, and April. (If answer is 0, please enter 0. Do not leave any fields blank.)

January income 0

February income 500

March income 300

April income 200image text in transcribed

Telephone Sellers, Inc. is a distributor of prepaid telephone cards to customers in its convenience stores. When Telephone Sellers sells the cards, it then pays the telecommunications company, TeleExpress, less a commission of 20 percent of the selling price to customers. Telephone Sellers receives $4,000 in cards in January 2020. Telephone Sellers sold 50% of the cards in February, 30% in March, and 20% in April. It costs TeleExpress $3,000 to provide the telephone service on the cards sold by Telephone Sellers. Indicate how much income Telephone Sellers should recognize in January, February, March, and April. (If answer is 0, please enter 0. Do not leave any fields blank.) January income $ February income 500 $ $ March income 300 April income 200

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 Analytics Methods And Techniques For Forensic Accounting Investigations

Authors: Mark J. Nigrini

2nd Edition

1119585767, 9781119585763

More Books

Students also viewed these Accounting questions

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

Define line and staff authority

Answered: 1 week ago

Question

Define the process of communication

Answered: 1 week ago

Question

Explain the importance of effective communication

Answered: 1 week ago