Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assume that amazon sold you a product for $300 tha

Assume that Amazon sold you a product for $300 that cost $250. The companys profit...

50.1K

Verified Solution

Question

Accounting

Assume that Amazon sold you a product for $300 that cost $250. The companys profit on the transaction clearly is $50. Should Amazon recognize $300 in revenue and $250 in cost of goods sold (the gross method) or should it recognize only the $50 in gross profit (the net method) as commission revenue?

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

Biology
1.2K views

please answer the following detailed in a paragraph. thanks! 1. People who use proton pumps inhibitors...

Electrical Engineering
1.2K views

Write an essay about the online education at your university ?

General Management
1.2K views

How do you ensure that learning experiences that you design for adults matches up with the...

Biology
1.2K views

Which of the following properties is NOT a physical property of a satin cloth It...

Physics
1.2K views

Zero Marks 0 In all other cases A satellite is orbiting around the earth in...

Geometry
1.2K views

What is the cross section that is parallel to the base of a sphere triangle...

Basic Math
1.2K views

2 Find the possible value or values of y in the quadratic equation 4 4y...

Statistics
1.2K views

4 The frequency distribution below summarizes the experience of any severe side effects among patients...

Calculus
1.2K views

The period is Enter NONE if not periodic help numbers Click

Accounting
1.2K views

On January 1, 2019, ABC Company purchased a new piece of equipment. The equipment was...

Accounting
1.2K views

Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company...

Finance
1.2K views

Broussard Skateboard's sales are expected to increase by 20% from $7.8 million in 2018 to...