A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86e per item less28of the retail price. What was the amount of the credit received by the retailer?a discount of11The credit received by the retailer is $(Round to the nearest cent as needed.)al

Credit is the ability of the person to procure goods and services for which payment can be made on…

A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86,e per item less 8 a discount of of the retail price. What was the amount of the credit received by the retailer? 11 The credit received by the retailer is $ (Round to the nearest cent as needed.)

A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86,e per item less 8 a discount of of the retail price. What was the amount of the credit received by the retailer? 11 The credit received by the retailer is $ (Round to the nearest cent as needed.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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?
8. On 12/30/20, Redding Corporation sold merchandise for $75,000 to Norbert Company. The terms of the sale were net 30, FOB shipping point. The merchandise was shipped on 12/31/20, and arrived at Norbert on 1/5/21. Because of a clerical error, Redding did not record the sale until 1/7/21, and the merchandise (before Redding's 25% markup on cost) was included in Redding's inventory at 12/31/20. As a result, Redding's net income for the year ended 12/31/20 was: a. Overstated by $75,000. b. Understated by $60,000. c. Understated by $15,000. d. Correctly stated; not impacted by inventory.
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system) Accounts Payable........................ 25,000 Purchase Discounts.............................750 Merchandise Inventory........................24,250 Accounts Payable............................25,000 Merchandise Inventory......................... 750 Cash....................................................24,250 Accounts Payable................................. 25,000 Merchandise Inventory.............................. 750 Cash.................................... 5,750 Accounts Payable............................... 25,000 Merchandise Inventory............................25,000
On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?
Provisions Grocery Store purchased merchandise on account from Federal Grocers for $500.00 on April 6, terms 2/10, n/30. Federal Grocers prepaid freight charges of $25.00 and added them to the invoice. Assuming Provisions Grocery Store pays the amount due within the discount period, what is the amount of the payment?
On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?

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