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1. What are the amount of the cash discount and the net amount due if the discount is Caken? Revised Total Discount Cash discount $54,451.40 $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? Partial payment credit = Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance

1. What are the amount of the cash discount and the net amount due if the discount is Caken? Revised Total Discount Cash discount $54,451.40 $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? Partial payment credit = Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers. a. Extend each line and calculate the merchandise total and the total amount of the invoice, using the space provided on the invoice. Sold to: Quantity: 50 25 40 20 StereoMaster Stores 480 McDowell Rd. Phoenix, AZ 85008 Stock: 4811V 511CX 6146M 1031A ROG Date No. of Discount Days 15-Mar 28 ELECTRONIC WHOLESALERS 1979 N.E. 123 Street Jacksonville, Florida 32204 Blue-ray players LCD TVs Returned Merchandise TARGET b. What are the discount date and the net date if the shipment arrived on July 16? Discount Date 28-Jul Revised Merchandise Total 57476.8 Quantity Cost Ea 5 4 Partial payment credit = Description: AM-FM Stereo Receivers Revised Total Discount Cash discount $54,451.40 Invoice Date: Blue-ray Players Home Theaters LCD TVs Terms of Sale: c. While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount of the returned merchandise? What is the revised merchandise total? $132.28 $591.00 Total $661.40 $2,364.00 $3,025.40 $54,451.40 d. What are the amount of the cash discount and the net amount due if the discount is taken? 3025.4 June 28, 200x 3/15,n/30 ROG Merchandise Total Insurance & Freight charges Invoice Total Unit Price: $297.50 e. If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due 132.28 658.12 591.00 ROG Date No. of Net Days n/30 48 Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance Amount: $14,875.00 $3,307.00 $26,324.80 $11,820.00 $56,326.80 $1,150.00 $57,476.80 Net Date 17-Aug
Transcribed Image Text:As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers. a. Extend each line and calculate the merchandise total and the total amount of the invoice, using the space provided on the invoice. Sold to: Quantity: 50 25 40 20 StereoMaster Stores 480 McDowell Rd. Phoenix, AZ 85008 Stock: 4811V 511CX 6146M 1031A ROG Date No. of Discount Days 15-Mar 28 ELECTRONIC WHOLESALERS 1979 N.E. 123 Street Jacksonville, Florida 32204 Blue-ray players LCD TVs Returned Merchandise TARGET b. What are the discount date and the net date if the shipment arrived on July 16? Discount Date 28-Jul Revised Merchandise Total 57476.8 Quantity Cost Ea 5 4 Partial payment credit = Description: AM-FM Stereo Receivers Revised Total Discount Cash discount $54,451.40 Invoice Date: Blue-ray Players Home Theaters LCD TVs Terms of Sale: c. While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount of the returned merchandise? What is the revised merchandise total? $132.28 $591.00 Total $661.40 $2,364.00 $3,025.40 $54,451.40 d. What are the amount of the cash discount and the net amount due if the discount is taken? 3025.4 June 28, 200x 3/15,n/30 ROG Merchandise Total Insurance & Freight charges Invoice Total Unit Price: $297.50 e. If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due 132.28 658.12 591.00 ROG Date No. of Net Days n/30 48 Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance Amount: $14,875.00 $3,307.00 $26,324.80 $11,820.00 $56,326.80 $1,150.00 $57,476.80 Net Date 17-Aug
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