The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000 Freight costs 5,000 Terms 3/15, n/30 Shipping Date December 28, 2023 Date goods received by the customer January 3, 2024 Date payment is received by Spurs January 5, 2024 Question: 13. If the term is FOB shipping point, freight prepaid, how much net cash did Spurs receive on January 5, 2024? a. P480,000 b. P485,000 c. P490,000 d. P495,000
The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000 Freight costs 5,000 Terms 3/15, n/30 Shipping Date December 28, 2023 Date goods received by the customer January 3, 2024 Date payment is received by Spurs January 5, 2024 Question: 13. If the term is FOB shipping point, freight prepaid, how much net cash did Spurs receive on January 5, 2024? a. P480,000 b. P485,000 c. P490,000 d. P495,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 4C
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Question
The following relates to a single sale of goods made by Spurs in 2023:
Selling price P500,000
Freight costs 5,000
Terms 3/15, n/30
Shipping Date December 28, 2023
Date goods received by the customer January 3, 2024
Date payment is received by Spurs January 5, 2024
Question:
13. If the term is FOB shipping point, freight prepaid, how much net cash did Spurs receive on January 5, 2024?
a. P480,000
b. P485,000
c. P490,000
d. P495,000
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