In its annual report, American Eagle Outfitters states that its “e-commerce operation records revenue upon the estimated customer receipt date of the merchandise.” Is this FOB shipping point or FOB destination? If American Eagle were to change to the other terms of shipment, would it report its Sales Revenues earlier or later?
Answer to relevant QuestionsInventory that cost $ 500 is sold for $ 700, with terms of 2/10, n/30. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable assuming that it occurs during the discount ...Fortune Brands Home & Security, Inc., sells Master Lock padlocks. It reported an increase in net sales from $ 3.3 billion in 2011 to $ 3.6 billion in 2012, and an increase in gross profit from $ 1.0 billion in 2011 to $ 1.2 ...Inventory at the beginning of the year cost $ 13,400. During the year, the company purchased (on account) inventory costing $ 84,000. Inventory that had cost $ 80,000 was sold on account for $ 95,000. At the end of the year, ...The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $ 1,000 purchase with cash. The goods cost Evergreen Company $ 600. 15 Sold merchandise ...Wolverine World Wide, Inc. prides itself as being the “world’s leading marketer of U. S. branded non-athletic footwear.” The following data (in millions) were taken from its annual report for its 2012 fiscal year: Net ...
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