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Category > Accounting Posted 01 May 2017 My Price 5.00

During the months of January and February

During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:
Jan. 6 Sold goods for $280 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $79.
7 Sold goods to SpyderCorp. for $107 with terms 2/10, n/30. The goods cost Solitare $69.
14 Collected cash due from Wizard Inc.
Feb.3 Collected cash due from SpyderCorp.
28 Sold goods for $77 to Bridges with terms 2/10, n/45. The goods cost Solitare $48.
Required:

Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

What is net sales? 262.40 was wrong?

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 01 May 2017 10:05 AM My Price 5.00

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Attachments

file 1493635708-762453_1_636291917996776500_Net-sales.xlsx preview (141 words )
76-----------245-----------3&a-----------mp;-----------amp-----------;in-----------foI-----------d=4-----------300-----------49&-----------amp-----------;am-----------p;N-----------et -----------sal-----------esD-----------uri-----------ng -----------the----------- mo-----------nth-----------s o-----------f J-----------anu-----------ary----------- an-----------d F-----------ebr-----------uar-----------y, -----------Sol-----------ita-----------re -----------Cor-----------por-----------ati-----------on -----------sol-----------d g-----------ood-----------s t-----------o t-----------hre-----------e c-----------ust-----------ome-----------rs.----------- Th-----------e s-----------equ-----------enc-----------e o-----------f e-----------ven-----------ts -----------was----------- as----------- fo-----------llo-----------ws:-----------Jan-----------. 6-----------Sol-----------d g-----------ood-----------s f-----------or -----------$28-----------0 t-----------o W-----------iza-----------rd -----------Inc-----------. w-----------ith----------- te-----------rms----------- 2/-----------10,----------- n/-----------30.----------- Th-----------e g-----------ood-----------s c-----------ost----------- So-----------lit-----------are----------- $7-----------9.S-----------old----------- go-----------ods----------- to----------- Sp-----------yde-----------rCo-----------rp.----------- fo-----------r $-----------107----------- wi-----------th -----------ter-----------ms -----------2/1-----------0, -----------n/3-----------0. -----------The----------- go-----------ods----------- co-----------st -----------Sol-----------ita-----------re -----------$69-----------.Co-----------lle-----------cte-----------d c-----------ash----------- du-----------e f-----------rom----------- Wi-----------zar-----------d I-----------nc.-----------Feb-----------.3C-----------oll-----------ect-----------ed -----------cas-----------h d-----------ue -----------fro-----------m S-----------pyd-----------erC-----------orp-----------.So-----------ld
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