On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of ₱3,000. The goods were shipped by ABC on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to ₱20. ABC Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x2?
On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of ₱3,000. The goods were shipped by ABC on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to ₱20. ABC Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x2?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of
₱3,000. The goods were shipped by ABC on December 31, 20x1 and were received by the buyer on
January 2, 20x2. The related shipping costs amounted to ₱20. ABC Co. collected the receivable on
January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is
collected on January 5, 20x2?
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