E6-10 Reporting Net Sales after Sales Discounts [LO 6-4] During the months of January and February,...
E6-10 Reporting Net Sales after Sales Discounts [LO 6-4]
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows:
| Jan. | 6 | Sold goods for $280 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $79. | ||
| 7 | Sold goods to Spyder Corp. for $107 with terms 1/10, n/30. The goods cost Solitare $69. | |||
| 14 | Collected cash for the amount due from Wizard Inc. | |||
| Feb. | 28 | Collected cash for the amount due from Spyder Corp. |
Required:
Compute the total revenue Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Homework Answers
Amount is received within 30 days for sales made to Wizard Inc. So sales discount of 2% is given.
For sales made to Spyder Corp, amount is not received within 10 days. So sales discount is not given to Spyder Corp
Total sales revenue = ($280 -2%) + $107 = $381.40
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