Chapter 10 practice problem

sd Subject - Accounting

P7-1

QUESTION 15 A sales invoice included the following information: merchandise price, $12,000; terms 1/10, n/eom, FOB shipping point with prepaid freight of $900 added to the invoice. Assuming that a credit for merchandise returned of $500 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? O a. $11,385 O b. $11,500 O c. $10,480 O d. $12,285

Question 8 of 8 -/ 20 View Policies Current Attempt in Progress Select financial information from Marshall Inc. is shown below: 2022 2021 Receivables $423,018 $376,089 less allowance for doubtful accounts 45,890 32,236 Receivables, net 377,128 343,853 Credit sales 5,245,000 4,846,300 Calculate the receivables turnover and the collection period for 2022. (Round answers to 1 decimal place, e.g. 12.3.) Receivables Turnover Ratio times Average Collection Period days Save for Later Attempts: 0 of 1 used Submit Answer II