Wallace Motors buys and sells used cars. Wallace made the following sales during January and February: a. Three cars were sold to Russell Tax if or a total of $75,000; the cars were delivered to Russell on January 18. Russell paid Wallace $20,000 on January 18 and the remaining $55,000 on February 12. b. One car was sold to Hastings

Chapter 5, Exercises #1
Wallace Motors buys and sells used cars. Wallace made the following sales during January and February:
a. Three cars were sold to Russell Tax if or a total of $75,000; the cars were delivered to Russell on January 18. Russell paid Wallace $20,000 on January 18 and the remaining $55,000 on February 12.
b. One car was sold to Hastings Classics for $28,000. The car was delivered to Hastings on January 25. Hastings paid Wallace on February 1.
Required:
Calculate the monthly revenue for Wallace for January and February.

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Cornerstones of Financial and Managerial Accounting

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

ISBN: 978-1111879044