Kramer Corporation made a basket purchase of three items. Item X was appraised at $40,000; item Y was appraised at $56,000; and item Z was appraised at S64,000. The purchase price was $129,000. The amount at which item X should be recorded is: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)O A. $49,612.O B. $40,000O C. $9,000O D. $32,250.

Total appraisal value = appraisal value of X + appraisal value of Y + appraisal value of Z =…

Answered: Kramer Corporation made a basket…

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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XYZ Company purchased inventory worth $50,000 on credit terms of 2/10, n/30. Calculate the amount XYZ Company would pay if they settle the invoice within the discount period.
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An item of inventory was purchased by company X for £500. Company X expects to sell the inventory for£700 and has to date incurred conversion costs of £130. A further £60 is expected to be incurred. Salesstaff will receive a commission of 4% from the sale.Compute the value at which this inventory item will be measured in company X’s statement of financialposition.
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An item was shipped from a supplier under FOB shipping point. The invoice in the amount of $2,000 included payment terms of 2/10, n/30. When the invoice was paid, a purchase discount in the amount of $40 was taken. Other details relating to the purchase of this item included the following: shipping charges of $300, storage fees of $50, and insurance premium of $100. The cost of this inventory item is $1,960 $2,410 $2,401 $2,404
Ramsden Inc. provided consulting services with a gross price of $42,000 and terms of 2/10, n/30. Required: Question Content Area 1. Prepare the necessary journal entries to record the sale under the gross method. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - (Record sale) Question Content Area 2. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within 10 days. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - (Record collection within discount period) Question Content Area 3. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after 10 days. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select -…
McCallister's just purchased $15,000 worth of Inventory. The terms of the sale were 1/10, net 30. What is the implicit interest?
J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?
Subject - account Please help me. Thankyou.
A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on May 3.What amount, if received on May 9, will be consideredpayment in full?a. $700 c. $882b. $800 d. $900

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