12. RS Inc. sold a total of $23,000 of its products. As of the end of the year, a total of$9,600 of these sales had still not yet been collected. The original cost of products soldwas $8,100.nTransactioTransactioCash Asset +nNoncashAssetsCash Asset +Balance SheetNoncashAssets=IILiabil-itiesBalance Sheet=13. On December 13, 2020, RS Inc. signed a contract with the organizer of the InternationalFair for Electronic Consumer Products for 100 units of RS's smaller spray cans, whichare intended to be given away to visitors of the trade show. The selling price specified inthe contract is $5 per unit. RS Inc. promised to deliver the units on March 10, 2021.IFECP has up to 30 days after delivery to pay for the spray cans.IIContrib.CapitalLiabil-ities+Contrib.CapitalEarned Rev-Capital enues+Income StatementEarned Rev-Capital enuesExpensesExpen=sesIIIncome StatementNetIncomeNet= IncomeII

Balance sheet stands for the statement and information that shows the assets and liabilities of the…

Answered: 12. RS Inc. sold a total of $23,000 of…

12. RS Inc. sold a total of $23,000 of its products. As of the end of the year, a total of $9,600 of these sales had still not yet been collected. The original cost of products sold was $8,100.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

12. RS Inc. sold a total of $23,000 of its products. As of the end of the year, a total of
$9,600 of these sales had still not yet been collected. The original cost of products sold
was $8,100.
n
Transactio
Transactio
Cash Asset +
n
Noncash
Assets
Cash Asset +
Balance Sheet
Noncash
Assets
=
II
Liabil-
ities
Balance Sheet
=
13. On December 13, 2020, RS Inc. signed a contract with the organizer of the International
Fair for Electronic Consumer Products for 100 units of RS's smaller spray cans, which
are intended to be given away to visitors of the trade show. The selling price specified in
the contract is $5 per unit. RS Inc. promised to deliver the units on March 10, 2021.
IFECP has up to 30 days after delivery to pay for the spray cans.
II
Contrib.
Capital
Liabil-
ities
+
Contrib.
Capital
Earned Rev-
Capital enues
+
Income Statement
Earned Rev-
Capital enues
Expen
ses
Expen
=
ses
II
Income Statement
Net
Incom
e
Net
= Incom
e
II

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