A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. On June 20, it eturned $800 of that merchandise. The shipping charges for the purchase totaled $500. On June 24, it paid the balance owed or the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: Multiple Cholce $9,424. 10,500. $9,224. $10,300. $10,200.

A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. On June 20, it eturned $800 of that merchandise. The shipping charges for the purchase totaled $500. On June 24, it paid the balance owed or the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: Multiple Cholce $9,424. 10,500. $9,224. $10,300. $10,200.

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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Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021