During the months of January and February, Solitare Corporation sold goods to th

Question

During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $70 6 Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goods cost Solitare $60. 14 Collected cash for the amount due from Wizard Inc. Feb. 28 Collected cash for the amount due from Spyder Corp. Requirec: Compute the total revenue Solitare would report over the two month:s Total Revenue

Explanation / Answer

Calculate total revenue :

Jan 6 Sales 100 Jan 6 Sales 80 Less: Sales discount (100*2%) -2 Total revenue 178

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