9. A company received an invoice dated 25 January 2019 for the purchase of an item, The invoice offered trade discount of 20% and cash discount terms of 3/15, n/30. On 5 February 2019, the company paid RM7560 including freight charges of RM100 to settle the invoice. Find the list price of an item.

9. A company received an invoice dated 25 January 2019 for the purchase of an item, The invoice offered trade discount of 20% and cash discount terms of 3/15, n/30. On 5 February 2019, the company paid RM7560 including freight charges of RM100 to settle the invoice. Find the list price of an item.

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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President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,800 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 9% properly reflects the time value of money in this situation. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. 1) Amount recorded?
On July 2, 2021, Windsor Company sold to Sue Black merchandise having a sales price of $11,100 (cost $6,660) with terms of 2/10. n/30. f.o.b. shipping point. Windsor estimates that merchandise with a sales value of $810 will be returned. An invoice totaling $130, terms n/30, was received by Black on July 6 from Pacific Delivery Service for the freight cost. Upon receipt of the goods, on July 3, Black notified Windsor that $400 of merchandise contained flaws. The same day, Windsor issued a credit memo covering the defective merchandise and asked that it be returned at Windsor’s expense. Windsor estimates the returned items to have a fair value of $150. The freight on the returned merchandise was $20 paid by Windsor on July 7. On July 12, the company received a check for the balance due from Black. Prepare journal entries for Windsor Company to record all the events noted above assuming sales and receivables are entered at gross selling price. (Credit account titles are…
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On 10th Feb 2020, Mumtaz Car Company received an invoice of RM8,710 for the following items. Item Quantity List Price Per Unit (RM) Tire 12 370 Battery 15 210 Sport Rim ? 140 The transportation cost is RM320 and the handling charge is RM130. The company received trade discounts of y% and 15% and cash discount terms of 3/10, 5/20 and n/30. b) Calculate the value of y if the total payment RM 7,013.26 was made a week after the date of invoice.
The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.
Lincoln Company purchased merchandise from Grandville Corp, on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,200 on each September 30, beginning on September 30, 2024 (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 11% properly reflects the time value of money in this situation Amount recorded
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,000 on each September 30, beginning on September 30, 2024.Required:Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 10% properly reflects the time value of money in this situation.
Answer no. 6,7 and 8 Please provide a complete solution. Thank you!
The company purchased merchandise for ₱54,252 less 2 less 2 on terms 2/10, n/30. How much should the company pay if the account was paid in full within the discount period?
Castro Industries purchased $21,600 of merchandise on February 1, 2020, subject to a trade discount of 5% and with credit terms of 2/15, n/60. It returned $5,000 (gross price before trade or cash discount) on February 4. Castro paid one-half of the outstanding obligation on February 13. The remaining amount was paid 60 days after the date of purchase. Prepare the journal entries Castro would make for the purchase, the return, and the two payments using (1) the gross method and (2) the net method. Castro uses a periodic inventory system.
President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,200 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 8% properly reflects the time value of money in this situation. Note: Use tables, Can someone please give me the correct answer for this?