Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.a.b.C.d.Merchandise(gross)$$$$5,80021,20076,60012,000Terms2/10, n/601/15, n/901/10, n/303/15, n/45Payment

Net purchase is the amount of cash paid to supplier for the purchase of inventory during the…

Answered: 1/10, n/30 3/15, n/45

Business

Accounting

1/10, n/30 3/15, n/45

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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Question

Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.
a.
b.
C.
d.
Merchandise
(gross)
$
$
$
$
5,800
21,200
76,600
12,000
Terms
2/10, n/60
1/15, n/90
1/10, n/30
3/15, n/45
Payment

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Step 1: Introduce to net purchases

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Step 2: Working for payment for merchandise for situation #a

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Step 3: Working for payment for merchandise for situation #b

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Step 4: Working for payment for merchandise for situation #c

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Step 5: Working for payment for merchandise for situation #d

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