Answer:
J1
Cost of Sales $3,770 (debit)
Merchandise $3,770 (credit)
J2
Merchandise $230 (debit)
Cost of Sales $230 (credit)
Explanation:
When Cullumber Company sells goods to Pharoah Company the entries to recognize the cost of sale and decrease in inventory will be :
Cost of Sales $3,770 (debit)
Merchandise $3,770 (credit)
When Pharaoh Company returns goods to Cullumber Company, the entries to de-recognize the cost of sale and recognize the replenishment of inventory will be :
Merchandise $230 (debit)
Cost of Sales $230 (credit)
Answer:
eerr it depends if yall r friends or not
Explanation:
do it!!!
Investors use income statements to determine the profitability of a company over time. You can also look for trends in company spending and earnings because the statement breaks down individual revenue and expenses.
Hope it helps u..........!
Answer:
The amount of revenue to be recognized at 31st March is $383500
Explanation:
The revenue amount that should be recognized in the income statement as at March 31,2020 is the sales price of $365000 plus three months of installation fee since installation is expected to last six months and three months have passed since installation began.
Hence, the amount of revenue as at 31st March is calculated thus:
Sales price $365000
Installation fee for 3 months(3/6*$37000) <u>$18500</u>
Total revenue as at 31st March $ 383,500
The rationale behind this is that revenue is only recognized when the seller has discharged his or her obligation under the contract not when cash is received and it is very clear that installation has been undertaken for 3 out of 6 months
Id take buyer 2 offer because hes doubling what your asking for it