On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with

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On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of 3,000. The goods were shipped on December 31, 20x1 and were received by the buyer on January 02, 20x2. The related shipping costs amounted to 20. ABC Co. collected the receivable on January 5, 20x2.

If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5 20x2?

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Financial Reporting And Analysis

ISBN: 9781260247848

8th Edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Posted Date: Sep 09, 2023 03:49 AM

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On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with

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In a FOB destination freight collect term of sale the seller ABC Co in this case is responsib... View the full answer

Financial Reporting And Analysis

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