On September 25, Sunland Distributors receives an order from Sarasota Italian Supermarkets for 124 cases of extra
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On September 25, Sunland Distributors receives an order from Sarasota Italian Supermarkets for 124 cases of extra virgin olive oil. Sunland accepts the order, which needs to be delivered to Sarasota's warehouse, and Sarasota agrees to pay within 30 days of the receipt of the product. Each case of extra virgin olive oil contains 12 bottles at a selling price of $7.00 each. Sunland's cost is $3/ bottle. The shipment is received at Sarasota's warehouse on October 2, and Sarasota mails a cheque to Sunland at the end of the agreed upon payment terms. Sunland Distributors used a contact-based approach to revenue recognition.
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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