During
the months of January and February, Solitare Corporation sold goods to
three customers. The sequence of events was as follows:
|
Jan. 6 | Sold goods for $180 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $74. |
6 | Sold goods to Spyder Corp. for $92 with terms 3/10, n/30. The goods cost Solitare $64. |
14 | Collected cash due from Wizard Inc. |
Feb. 2 | Collected cash due from Spyder Corp. |
28 | Sold goods for $62 to Bridges with terms 3/10, n/45. The goods cost Solitare $38. |
Required: | ||||||||||||||||||||||||||||||
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
|
Thank you!!
ReplyDeleteDuring the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:
ReplyDeleteJan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30; goods cost Solitare $70
6 Sold goods to SpyderCorp. for $80 with terms 2/10, n/30; goods cost Solitare $60
14 Collected cash due from Wizard Inc.
Feb. 2 Collected cash due from SpyderCorp
28 Sold goods for $50 to Bridges with terms 2/10, n/45; goods cost Solitare $30
Required:
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.
220
ReplyDelete