Merchandise costing $6,800 with terms of 1/10, n/30, with transportation costs of $440 included on the...
Merchandise costing $6,800 with terms of 1/10, n/30, with transportation costs of $440 included on the invoice (not included in the $6,800) is sold on account. If the bill is paid within ten days, the amount of the purchase discount is:
A) $68.00
B) $4.40
C) $72.40
D) $63.60
Homework Answers
Purchase discount
= 6,800 * 1%
= 68
Option A is the answer
Comment if you face any issues
Add Answer to:
Merchandise costing $6,800 with terms of 1/10, n/30, with
transportation costs of $440 included on the...
A business offers credit terms of 2/15, n/30. These terms indicate that: A. the total amount...
A business offers credit terms of 2/15, n/30. These terms indicate that: A. the total amount of the invoice must be paid within 15 days of the invoice date B. the buyer can take a 2% discount if the bill is paid within 30 days of the invoice date C. a discount of 2% can be taken if the invoice is paid within 15 days of the invoice date D. no discount is offered for early payment
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost...
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $58,000. Journalize Sayers' entries to record (A) the sale, (B) the receipt of payment within the discount period, and (C) the receipt of payment beyond the discount period of ten days. Answer Check Figure: C. $76,500
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point wit...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,200 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a.$990 b.$7,833 c.$9,813 d.$8,823
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB...
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
Merchandise costing $1,500 is sold for $2,500 on terms 1/30, n/60. If the customer pays within...
Merchandise costing $1,500 is sold for $2,500 on terms 1/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Paid rent for May, $2400. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB...
Paid rent for May, $2400. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $17,100. Paid freight on purchase of May 3, $300. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $32,600. The cost of the merchandise sold was $20,000. Received $10,600 cash from Halstad Co. on account, no discount. Sold merchandise for cash customer, $25,700. The cost of the merchandise sold was $15,000. Paid for merchandise purchased on May 3,...
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000.
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000. a. Journalize Sayers' entries to record the sale. b. Journalize the receipt of payment within the discount period. c. Journalize the entry to record the receipt of payment beyond the discount period of ten days.
Merchandise costing $2,500 is sold for $3,500 on terms 1/30, n/60. If the customer pays within...
Merchandise costing $2,500 is sold for $3,500 on terms 1/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net sales: Gross profit:
Merchandise costing $2,700 is sold for $3,700 on terms 1/30, n/60. If the customer pays within...
Merchandise costing $2,700 is sold for $3,700 on terms 1/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit
Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned...
Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned merchandise with an invoice amount of $2,100 and received full credit. a. If Xanadu Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago