1 answer

The Golden Company sold merchandise to Rams Company on account (n/30) for $100,000. The cost of...

Question:

The Golden Company sold merchandise to Rams Company on account (n/30) for $100,000. The cost of merchandise sold was $60,000.
The Golden Company sold merchandise to Rams Company on account (n/30) for $100,000. The cost of merchandise sold was $60,000. Golden Company issued a credit memo for $12,000 for merchandise return. The cost of the merchandise return was $7,200. What amount did the Golden Company received from Rams Company?

Answers

The Golden company would receive the net amount from Rams company within 30 days which can be calculated as net of gross sales and sales return

Amount to be received = 100000 - 12000

= 88000

Cost of goods sold is a cost for Golden company and does not affect the receivable balance of Rams Company

.

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