Answer:
$16,660
Explanation:
Given that,
Merchandise inventory sold on account = $17,000
Payment terms are as follows: 2/10, n/30
Cost of merchandise sold = $13,000
Therefore, the amount of cash was collected by Devonshire is the amount of cash after deducting the 2 percent of merchandise inventory.
Cash was collected by Devonshire:
= Amount of merchandise sold × (1 - 2%)
= $17,000 × (1 - 0.02)
= $17,000 × 0.98
= $16,660
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Hope I helped you :).
Answer: $296,880
Explanation:
Pop owns more than 50% of Sugar which means that Sugar is a subsidiary of Pop's. When this happens, trade between the two are not shown in the consolidated financial statement unless the goods traded have been sold off to a third party.
As these goods have not, and are still considered accounts receivable to Sugar, the entire amount will be removed from the consolidated financial statements.
