During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows:
Jan. | 6 | Sold goods for $1,200 to S. Green and billed that amount subject to terms 2/10, n/30. | ||
6 | Sold goods to M. Munoz for $660 and billed that amount subject to terms 2/10, n/30. | |||
14 | Collected cash due from S. Green. | |||
Feb. | 2 | Collected cash due from M. Munoz. | ||
28 | Sold goods for $540 to R. Reynolds and billed that amount subject to terms 2/10, n/45. |
Required:
Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.
Net Sales = Gross sales - Sales discount = (1200+660+540) - (1200*2%) = 2400 - 24 = 2376 |
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During the months of January and February, Hancock Corporation sold goods to three customers. The sequence...
During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $700 to S. Green and billed that amount subject to terms 1/10, n/30. 6 Sold goods to M. Munoz for $520 and billed that amount subject to terms 1/10, n/30. 14 Collected cash due from S. Green. 2 Collected cash due from M. Munoz. 28 Sold goods for $460 to R. Reynolds and billed...
During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows Jan. 6 Sold goods for $700 to S. Green and billed that amount subject to terms 3/10, n/30. 6 Sold goods to M. Munoz for $640 and billed that amount subject to terms 3/10, n/30. 14 Collected cash due from S. Green. Feb. 2 Collected cash due from M. Munoz. 28 Sold goods for $460 to R. Reynolds and...
Help Save & Exit Subr Homework Check my work E6-1 (Algo) Reporting Net Sales with Credit Sales and Sales Discounts L06-1 During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $1,100 to S. Green and billed that amount subject to terms 2/10, n/30. 6 Sold goods to M. Munoz for $620 and billed that amount subiect to terms 2/10, n/30. 14 Collected cash...
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: Jan. 6 Sold goods for $60 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $62. 8 Sold goods to Spyder Corp. for $56 with terms 2/10, n/30. The goods cost Solitare $52. 14 Collected cash for the amount due from Wizard Inc. Feb. 28 Collected cash for the amount due from Spyder Corp. Required: Compute the...
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During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $2,000 from Green with terms 2.5/15, n/60. 6 Purchased goods from Munoz for $850 with terms 2.5/15, n/60. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $750 from Reynolds with terms 2.5/15, n/60. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory...
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Can you check my answer please?
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: Jan. 6 Sold goods for $220 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $76. 8 Sold goods to Spyder Corp. for $98 with terms 4/10, n/30. The goods cost Solitare $66. 14 Collected cash for the amount due from Wizard Inc. Feb. 28 Collected cash for the amount due...
-0 6-4 6-12 Reporting Net Sales with Credit Sales and Sales Discounts During the months of January and February, Solitare Corporation sold goods to three cuero The sequence of events was as follows: Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30. The good Solitare $70. 6 Sold goods to Spyder Corp. for $80 with terms 2/10, n/30. The goods cool Solitare $60. Collected cash due from Wizard Inc. Feb. 2 Collected cash due from Spyder...
need help with problems E6-1 and E6-3 help with both
please
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