Refer to E3.1. What is the available sales/purchase discount? When is it available? Data from in E3.1
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Refer to E3.1. What is the available sales/purchase discount? When is it available?
Data from in E3.1
On December 29, 2019, Wolfe Company ships $100,000 of merchandise by common carrier to the Audio Midwest Company. The terms of the sale are 2/15, n/30, FOB destination. It takes five days for the merchandise to arrive at Audio Midwest. Wolfe and Audio Midwest have December 31 yearends. Which company should report the merchandise on their balance sheet? Why?
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In E31 the terms of the sale are 215 n30 FOB destination This means that there is a 2 sales discount ...View the full answer
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