Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in the month of march the digby corporation receiv

In the month of March the Digby Corporation received and delivered orders of 149,000 units...

60.1K

Verified Solution

Question

Accounting

In the month of March the Digby Corporation received and delivered orders of 149,000 units at a price of $15.00 for revenue of $2.235mil for their product Daze. Digby uses the accrual method of accounting and offers 30 day credit terms. By the end of May Digby had collected payments of $2.235mil for the March deliveries. How much of the collected $2.235mil should Digby show on the March 31st income statement and how much on the May 31st income statement?
A $2.235mil in March; $0 in May
B $1.117mil in March; $1.117mil in May
C $0 in March; $2.235mil in May
D $0.738mil in March; $1.497mil in May

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Branded Shoe Company manufactures only one type of shoe and has two divisions, the Stitching Division...

Accounting
Q

the DNA sequence below to answer the following questions vena horla 8 noiloo2 5 bns...

Biology
Q

Small store Specific types of items O Specialty store O Warehouse club O Supermarket Produce...

Basic Math
Q

Find A the area of the region under the curve y 7 3x2 and above...

Calculus
Q

survey to determine the remationsmp between gender and subject preference A total of 56 students...

Algebra
Q

Solve the following inequality x 9x 8 0 Select the correct choice below and if...

Algebra
Q

Leslie participates in IBOs nonqualified deferred compensation plan. For 2018, she is deferring...

Accounting
Q

Of the following statements about the tax consequences of gambling, which is true? Gambling winnings...

Accounting
Q

Samantha who files single is an architect who practices as a sole proprietor. In 2018,...

Accounting
Q

Investors, creditors, and other users of financial statements often argue that there should be more...

Accounting
Q

need required A, B and C - 7.9 Identify...

Accounting
Q

The risk-free rate of return is 3.9% and the risk premium is 6.2%. What is...

Finance