On October 1, 20x3, ABC Fuel Co. sold 100,000 gallons of heating oil to DEF Co. at ₱4 per gallon. Twenty Five thousand gallons were delivered on December 15, 20x3, and the remaining 75,000 gallons were delivered on January 15, 20x4. Payment terms were: 25% due on October 1, 20x3, 50% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should ABC Fuel Co. recognize from this sale during 20x3?

On October 1, 20x3, ABC Fuel Co. sold 100,000 gallons of heating oil to DEF Co. at ₱4 per gallon. Twenty Five thousand gallons were delivered on December 15, 20x3, and the remaining 75,000 gallons were delivered on January 15, 20x4. Payment terms were: 25% due on October 1, 20x3, 50% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should ABC Fuel Co. recognize from this sale during 20x3?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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