Balance sheet and income statement basics


Assume PC Mall sold inventory on account to eCOST.com on December 28, 2008, which was to be delivered January 3, 2009. The inventory cost PC Mall $25,000 and the selling price was $30,000. What amounts, if any, related to this transaction would be reported on PC Mall's balance sheet and income statement in 2008? In 2009? (Select all that apply.)

Balance sheet: $30,000 reported as accounts receivable (until collected) in 2009
Balance sheet: $30,000 reported as inventory in 2009
Income statement: no amounts related to this transaction in 2008
Income statement: $25,000 reported as sales revenue and $30,000 reported as cost of goods sold in 2008.
Balance sheet: $25,000 reported as accounts receivable in 2008
Balance sheet: no amounts related to this transaction in 2008
Balance sheet: $25,000 reported as inventory in 2008

Income statement: $30,000 reported as sales revenue and $25,000 reported as cost of goods sold in 2009.

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Accounting Basics: Balance sheet and income statement basics
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