Homework Answers
| a) | |
| Total purchase value of merchandise | $25,200 |
| Less: Cost of merchandise returned | ($2,400) |
| Amount to be payable | $22,800 |
| Less: Discount value for paying withing the discount period ($22,800*2/100) | ($456) |
| Amount that Home Furnishings must pay on April 15 | $22,344 |
| b) | ||||||||||||||||
| Assets | = | Liab. | + | Equity | Rev. | - | Exp. | = | Net Inc. | Cash Flow | ||||||
| Cash | + | Inv. | = | Accts. Pay. | C. Stock | + | Ret. Earn. | |||||||||
| +. $25,200 | +. $25,200 | |||||||||||||||
| -. $2,400 | -. $2,400 | |||||||||||||||
| -. $456 | +. $456 | +. $456 | ||||||||||||||
| -. $22,344 | -. $22,344 | -. $22,344 | ||||||||||||||
| c) | |
| Total purchase value of merchandise | $25,200 |
| Less: Cost of merchandise returned | ($2,400) |
| Amount to be payable | $22,800 |
| $22,800 should be paid by Home Furnishings, if the payment is not made until April 20, 2018 because discount period ends on April 15 for 2% discount. If any payment is made after April, discount is not applicable, thus, full payment needs to be paid. | |
| d) | ||||||||||||||||
| Assets | = | Liab. | + | Equity | Rev. | - | Exp. | = | Net Inc. | Cash Flow | ||||||
| Cash | + | Inv. | = | Accts. Pay. | C. Stock | + | Ret. Earn. | |||||||||
| -. $22,800 | -. $22,800 | -. $22,800 | ||||||||||||||
| e) The terms 2/10 means that if the payment is made within 10 days from the date of April 6th then 2% discount is allowed but if the payment is made after April 15 which is 10 days from April 6th, then discount is not allowed. In order to avail the 2% discount, Home Furnishings wanted to pay on April 15. |
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