Toskana Company (periodic_GrossPrice)

Toskana Company (periodic_GrossPrice) - Toskana Company1...

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Toskana Company 1 (Updated Version as of June5, 2007) Toskana Company is established on the 1 st of May 2007. As the initial capital investment, partners provided 200.000 USD cash and goods that of total worth is 5.000 USD. The company engaged in the following transactions in May 2007. May 3 Goods are purchased on credit from Venice Company for a total of 25.000 USD. The terms of the purchase are “n/15” and “FOB” shipping point. 1.000 USD is paid for transportation. 4 A warehouse is rented and 400 USD monthly rent is paid 5 2.000 USD worth of goods from the party purchased on May 3, are returned to Venice Company for quality reasons. 8 Goods are sold on credit to Torino Company for a total of 30.000 USD. The terms of the sale are “n/5” and “FOB destination point”. 400 USD is paid for transportation. 9 Goods are purchased on credit from Sampdoria Company for a total of 27.000 USD in cash. The term of the sale is “FOB destination point”. 900 USD for transportation is paid by Sampdoria Company. 10 2 square kilometres of Land is purchased for 140.000 USD on a bank loan. 13 Receivable from Torino Company is collected in full. 18 Payable to Venice Company is paid in full. 19
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This note was uploaded on 06/03/2009 for the course FIN 5308 taught by Professor Mckenzie during the Spring '07 term at Youngstown State University.

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Toskana Company (periodic_GrossPrice) - Toskana Company1...

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