4002From the following information, calculate the value of purchases.Opening payablesCash paidDiscounts receivedGoods returnedClosing payables142,600542,30013,20027,500137,800quesMed$302,600B$506,400$523,200$578,200C

Name: 4002From the following information, calculate the value of purchases.
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Description: 4002From the following information, calculate the value of purchases.Opening payablesCash paidDiscounts receivedGoods returnedClosing payables142,600542,30013,20027,500137,800quesMed$302,600B$506,400$523,200$578,200C

For calculating the value of purchase , we need to prepare the accounts payables account i.e.…

Business

Accounting

2 From the following information, calculate the value of purchases. Opening payables Cash paid Discounts received Goods returned 142.600 542,300 13,200 27,500 137,800 Closing payables $302,600 $506,400 C $523,200 D. $570,200

2 From the following information, calculate the value of purchases. Opening payables Cash paid Discounts received Goods returned 142.600 542,300 13,200 27,500 137,800 Closing payables $302,600 $506,400 C $523,200 D. $570,200

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 Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394
what is the Credit for partial payment knowing that information?
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QS 5-4 (Algo) Computing net invoice amounts LO P1 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. Merchandise (gross) $ $ GA GA C. $ d. $ 7,600 23,900 80,200 16,500 Terms 2/10, N/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment
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MF2 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination. Analysis Component: As the senior purchaser for Belton Company, you are concerned that the purchase discounts you have negotiated are not being taken advantage of by the accounts payable department. Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% interest rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume 365 days a year.)
True or False FE11An increase in Purchases Discounts is made by debiting the account FE12Net sales and gross sales are the same - FE13Sales Discounts is a revenue account with a debit balance -FE14Sales Returns and Allowances increase with a debit - FE15F.O.B. shipping point means that the seller of the goods is responsible for covering the shippingcosts -
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
4.
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a. Chapters 1-7 G Traducir antaFe iriclars Sotems TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Iventory system, how should a company record the sale of Inventory costing $550 for $1,170 on account? 1. InventorY 550 Cost oE GOods Sold 550 Sales Revenue 1,170 Accounts Receivable 1,170 2. Accounts Receivable 1,170 Sales Revenue 1,170 Cost of Goods Sold 550 Inventory 550 550 3. Inventory 620 Gain 1,170 Sales Revenue 1,170 Accounts Receivable 550 Sales Revenues 620 Gain Multiple Choice Ne