Skid more Company sold merchandise on July 1, 2007 to Joseph Company, accepting a $100,000 down payment
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Skid more Company sold merchandise on July 1, 2007 to Joseph Company, accepting a $100,000 down payment and a 8% note payable for the balance of $400,000. The cost of the merchandise to Skid more was $350,000. The terms of the contract include a right by the Joseph Company to cancel the contract anytime in the next 12 months.
Calculate sales revenue for 2007 recorded on this sale, assuming Skid more elects to use the deposit method.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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