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Please answer the following question:

Question 1: On December 28, 2010 Ranger Supply Co. ships $155,000 of merchandise to the Fox Company. It takes 5 days for the merchandise to arrive at Fox Company. Both Ranger Supply Co. and Fox Company have December 31 year-ends. Can Ranger Supply Co. report this sale on its income statement for fiscal 2010? Why?

Question 2: What is the available sales/purchase discount? When would it be available? If the discount isn't taken, the invoice must be paid by which date?

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164299

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