A purchasing Department purchased the following items at the given list prices & trade discounts. Items Number purchased Price per item (RM) Trade discount Staplers Files Pen 30 4.90 5% 4 quintets 50 1.25 6% 2.95 9% Calculate the total net price of the items purchased.

A purchasing Department purchased the following items at the given list prices & trade discounts. Items Number purchased Price per item (RM) Trade discount Staplers Files Pen 30 4.90 5% 4 quintets 50 1.25 6% 2.95 9% Calculate the total net price of the items purchased.

Name: 4.A purchasing Department purchased the following items at the given
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 4.A purchasing Department purchased the following items at the given list prices & tradediscounts.ItemsNumber purchasedPrice per item (RM)Trade discountStaplersFiles304.905%4 quintets501.256%Pen2.959%Calculate the total net price of the items purcha

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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.
Remember order of discounts (TD à QD à CD) The vendor shipped and invoiced the following goods on June 7: 200 folding chairs at $50 list price. Trade discounts were 40% and 5%; and a 2% quantity discount for an order of 200 or more folding chairs was provided by the vendor. Invoice dating and cash discount terms were determined at 5/20, EOM. What is the trade discount$ for the entire merchandise? What is the quantity discount$ for the entire merchandise? What amount must be remitted to the vendor if the invoice is paid on July 15?
Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250
Compute cost of goods sold using the following information. Merchandise inventory, beginning Cost of merchandise purchased Merchandise inventory, ending $12,200 45.200 18,200 Cost of Goods Sold is Computed an Cost of goods sold $ Heip have t Subit
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Terms Payment (gross) a. $ 8,800 2/10, n/60 b. $ 25,700 1/15, n/90 C. $ 82,600 1/10, n/30 d. $ 19,500 3/15, n/45
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances a. $13,800 $251 FOB shipping point, 1/10, net 30 $1,400 Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances b. $4,900 $59 FOB destination, 2/10, net 45 $1,100
Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the goods sold was $12,600. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.