On August 5, 2021, Sheridan Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $400 each. The cost of shipping the dining sets amounted to $4100 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $900 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $650, and installation and setup costs of $830. The amount cash received by Sheridan furniture is?
On August 5, 2021, Sheridan Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $400 each. The cost of shipping the dining sets amounted to $4100 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $900 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $650, and installation and setup costs of $830. The amount cash received by Sheridan furniture is?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On August 5, 2021, Sheridan Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $400 each. The cost of shipping the dining sets amounted to $4100 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $900 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $650, and installation and setup costs of $830. The amount cash received by Sheridan furniture is?
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