Assuming the customer settled his accountwithin the discount period, Sales - 10,000,Sales return -500, terms 2/10. How much isthe Sales Discounts? *O 200O 190O 10O 500

Sales discount is the amount of allowance or deduction that is provided to customers for their…

Answered: Assuming the customer settled his…

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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5. Sales on account, with 2/10, n/30 cash discount terms. (a) Merchandise is sold on account for $450. (b) The balance is paid within the discount period. (c) Merchandise is sold on account for $280. (d) The balance is paid after the discount period. Cash Accounts Receivable Sales Sales Discounts
The company purchased merchandise for ₱54,252 less 2 less 2 on terms 2/10, n/30. How much should the company pay if the account was paid in full within the discount period?
Given credit terms of 2/25, n/30 on a sale of $1,500, in how many days must the invoice be paid to take advantage of the discount? 30 C) 15 D) 25
Purchase merchandise for resale $4,000 terms 4/10, n/30 on account. How much would the payment be made for assuming that the buyer took advantage of the discount.
A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100
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.
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount of Terms of Cash Net Invoice Sale Discount Amount Due $5,010.20 4/10, n/30 2$
Assuming that you are a retail merchandiser. You bought goods from wholesale merchandise under the credit terms of 2/10 n/30. What do you mean by n/30 under the credit term? a. maximum discount 10% b. maximum Credit days 30 c. maximum Credit days 10 d. maximum discount 30%
9) Complete the table. Terms Last Date Last Date Date Paid Net Price to Pay Invoice Invoice Date Cash Discount Cash Price to Take Discount 3-Sept. 5/15, n/30 23-Sept. $348.64
A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2%2% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
A certain person bought merchandise for $ 3,500 with conditions or terms of payment of 5/10, n / 30. In order to pay within the discount period, she took out a loan at 6% interest. How much did you save if you used the loan to pay for merchandise that had a cash discount? A. $147.77 B. $163. 92 C. $183. 94 D. $198. 23
10) Complete the table. Invoice Date Terms Last Date Last Date to Pay Invoice Date Paid Net Price Complement of Cash Price to Take Discount cash-discount rate 22-Nov. 7/10, n/30 1-Dec. $4,178.45

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Assuming the customer settled his account within the discount period, Sales - 10,000, Sales return - 500, terms 2/1o. How much is the Sales Discounts? O 200 O 190 O 10 O 500