Essay
Ed Sullivan Sailing Ltd. sold $ 175,500 of boat parts on credit in September. A total of 30% of the goods were shipped FOB destination and 70% were shipping FOB shipping point. At September 30, $ 25,000 of the goods that were FOB destination, were in transit. During September the company collected $ 100,000 cash from its customers. The company estimates that about 2% of the sales will become uncollectible and that about 8% of the sales will be returned by the customer. How much revenue should the company recognize for the month?
Correct Answer:
Verified
Correct Answer:
Verified
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