Solved

Oceans Limited Sold $1,750,000 Worth of Goods During the Current

Question 2

Multiple Choice

Oceans Limited sold $1,750,000 worth of goods during the current year.The cost of goods sold is $1,050,000.Credit sales were $1,575,000,of which 40% were still outstanding.How much cash was collected by Oceans Ltd.?


A) $1,575,000
B) $1,120,000
C) $ 805,000
D) $ 175,000

Correct Answer:

verifed

Verified

Related Questions

Q1: Use the following information for questions below<br>Magic

Q3: When goods and services are bundled in

Q4: During the current year,BMI Corporation sold $1,250,000

Q5: When following ASPE,part of the revenue recognition

Q6: The difference between gross profit and the

Q7: Indicators that control has been transferred to

Q8: The final step in preparing the multi-step

Q9: Under the contract-based approach,revenue is recognized when:<br>A)a

Q10: There must be a receipt of cash

Q11: Under the contract-based approach,revenue is recognized whenever