In the audit of Zhongli Inc. you have performed cutoff test, the resultsof the audit procedure you have performed revealed the following:Recorded as Sales in December 2022Invoice NumberSelling Price18,00012,5001001231001241001251001261001271001281001291001308,68014,2009,00010,000Answer:7,80014,000Recorded as Sales in January 2023Invoice Number Selling Price10013121,00010013210,5001001334,5001001346,500Cost16,50010,2007,24012,5007,5007,7506,10012,000Cost18,2008,8003,2005,000TermsFOB Shipping pointFOB DestinationFOB DestinationShipped to consigneeFOB Shipping pointFOB DestinationFOB Shipping pointShipped to consigneeTermsFOB Shipping pointFOB DestinationFOB DestinationFOB Shipping pointThe goods shipped to consignees are still unsold at December 31.The (overstatement) / understatement of sales isInput negative sign if overstated

Consignment Accounting - This is the innovative way to selling the goods through a third party named…

In the audit of Zhongli Inc. you have performed cutoff test, the results of the audit procedure you have performed revealed the following: Recorded as Sales in December 2022 Invoice Number Selling Price 100123 100124 100125 100126 100127 100128 100129 18,000 12,500 8,680 14,200 9,000 10,000 7.800 Cost 16,500 10,200 7,240 12,500 7,500 7,750 6.100 Terms FOB Shipping point FOB Destination FOB Destination Shipped to consignee FOB Shipping point FOB Destination FOR Shipping point

In the audit of Zhongli Inc. you have performed cutoff test, the results of the audit procedure you have performed revealed the following: Recorded as Sales in December 2022 Invoice Number Selling Price 100123 100124 100125 100126 100127 100128 100129 18,000 12,500 8,680 14,200 9,000 10,000 7.800 Cost 16,500 10,200 7,240 12,500 7,500 7,750 6.100 Terms FOB Shipping point FOB Destination FOB Destination Shipped to consignee FOB Shipping point FOB Destination FOR Shipping point

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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Only 4b question. Thanks!
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A wholesale firm made sales with the following list prices and trade discounts. Calculate the amount the firm will use to record each sale in the sales journal. A. List price of $1,700 and trade discount of 55 percent. B. List price of $1,300 and trade discount of 45 percent. C. List Price of $2,200 and trade discounts of 30 and 20 percent. (Round your answer to 2 decimal places.) A. Amount B. Amount C. Amount
Supply the missing dollar amounts for each of the following independent cases
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