Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.

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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Information related to Swifty Co. is presented below.
1
2.
3.
4
5.
On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point.
On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird.
On April 7, purchased equipment on account for $29,200.
On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned
merchandise.
On April 15 paid the amount due to Mockingbird Company in full.
Transcribed Image Text:Information related to Swifty Co. is presented below. 1 2. 3. 4 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.
(b)
On April 20, Swifty sold 50% of the goods purchased from Mockingbird. What amount would they record as cost of goods sold?
Cost of goods sold
eTextbook and Media
eTextbook
$
List of Accounts
Assistance Used
Transcribed Image Text:(b) On April 20, Swifty sold 50% of the goods purchased from Mockingbird. What amount would they record as cost of goods sold? Cost of goods sold eTextbook and Media eTextbook $ List of Accounts Assistance Used
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