a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merdchandise sold was $8,710. Sale
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000a. Sold merchandise on account, $14,200, with terms 2/10, net 30. The cost of the merchandise sold was $9,230. Sale Cost b. Received payment within the discount period.A. Sold merchandise on account, $11,500 with terms 2/10, net 30. The cost of the merchandise sold was $7,800. B. Received payment less the discount.
- Journalize the following merchandise transactions: a. Sold merchandise on account, $12,700, with terms 2/10, net 30. The cost of the merchandise sold was $8,255. Sale Cost b. Received payment within the discount period.Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,060. Sale Cost b. Received payment within the discount od.Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?
- Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. What is the net cost of the merchandise?If merchandise sold for $3,500, with terms of 3/15, n/45, and the cost of the merchandise sold is $2,100, the amount credited to sales is .... Group of answer choices
- Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions? a.$24,990 b.$26,010 c.$25,500 d.$16,000.On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a cost of $20,000 Dr. Sales 50,000; Cr. Account receivable 50,000 .A ?What is the entry to record this sale v Dr. Account receivable 50,0003; Cr. Sales 50,000 .B Dr. Cost of good sold 20,000; Cr. Merchandise inventory 20,000 Dr. Account receivable 20,000; Cr. Sales 20,000.C Dr. Cash 50,000; Cr. Sales 50,000.DMerchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the discount period, gross profit will be $_