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Question -
1 Wallace Motors buys and sells used cars. Wallace made the following sales during January and February:
a. Three cars were sold to Russell Taxi for a total of $75,000; the cars were delivered to Russell on January 18. Russell paid Wallace $20,000 on January 18 and the remaining $55,000 on February 12.
b. One car was sold to Hastings Classics for $30,000. The car was delivered to Hastings on January 25. Hastings paid Wallace on February 1.
Calculate the monthly revenue for Wallace for January and February. If answer is zero, enter "0".
2. Beginning accounts receivable were $135,700 and ending accounts receivable were $128,640. All sales were on credit and totaled $1,682,480. Determine how much cash was collected from customers?
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Canterra Co. incurs $160,000 of overhead costs each year in its three main departments
Andover, Inc. had a gross margin for the month of February totaling $42,000. They sold 5,000 units during the month at a sales price of $20 per unit. What was the amount of Cost of Goods Sold for the month?
Martin Company bought land with an FMV of $20,000, a building with an FMV of $70,000, and equipment with an FMV of $ 10,000 at an estate auction for a lump sum.
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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2013 fiscal year.
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