Wallace Motors, which began business on December 31, 2009, buys and sells used cars. All its sales
Question:
a. Three of the four cars were sold to Russell Auto Sale for 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. The fourth car purchased during January was sold to Hastings Classics for $28,000.
The car was delivered to Hastings on January 25. Hastings paid Wallace on January 30.
Required:
Calculate the monthly revenue for Wallace Motors for January and February 2010.
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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