Question

On October 1, 2014, Bullseye Company sold 250,000 gallons of diesel fuel to Schmidt Co. at $3 per gallon. On November 8, 2014, 150,000 gallons were delivered; on December 27, 2014. Another 50,000 gallons were delivered; and on January 15, 2015, the remaining 50,000 gallons were delivered. Payment terms are: 10% due on October 1, 2014, 50% due on first delivery; 20% due on the next delivery; and the remaining 20% due on final delivery.

Required:
What amount of revenue should Bullseye recognize from this sale during 2014 on an accrual basis?



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  • CreatedSeptember 10, 2014
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