2 Single Sheet Printing completed a printing job for Sea Horse Boats. At the completion of the job, May 11, Single Sheet invoiced Sea Horse $15,625 and extended them terms of 3/15, net 45. How much should Sea Horse remit to Single Sheet on May 22?

2 Single Sheet Printing completed a printing job for Sea Horse Boats. At the completion of the job, May 11, Single Sheet invoiced Sea Horse $15,625 and extended them terms of 3/15, net 45. How much should Sea Horse remit to Single Sheet on May 22?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12EA: During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on...

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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

2 Single Sheet Printing completed a printing job for Sea Horse Boats. At the
completion of the job, May 11, Single Sheet invoiced Sea Horse $15,625 and
extended them terms of 3/15, net 45. How much should Sea Horse remit to Single
Sheet on May 22?

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