Indomitable Company sold 100,000 gallons of heating oil at P30 per gallon. Fifty thousand gallons were delivered on December 15, 2020, and the remaining 50,000 gallons were delivered on January 15, 2021. Payment terms were: 50% due on October 1, 2020, 25% on the first delivery, and the remaining 25% due on the second delivery. What amount of sales revenue should be recognized during 2020?
Indomitable Company sold 100,000 gallons of heating oil at P30 per gallon. Fifty thousand gallons were delivered on December 15, 2020, and the remaining 50,000 gallons were delivered on January 15, 2021. Payment terms were: 50% due on October 1, 2020, 25% on the first delivery, and the remaining 25% due on the second delivery. What amount of sales revenue should be recognized during 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Indomitable Company sold 100,000 gallons of heating oil at P30 per gallon. Fifty thousand gallons were delivered on December 15, 2020, and the remaining 50,000 gallons were delivered on January 15, 2021.
Payment terms were: 50% due on October 1, 2020, 25% on the first delivery, and the remaining 25% due on the second delivery.
What amount of sales revenue should be recognized during 2020?
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