Boeing Truck Company received an invoice showing 10 tires at $125 each, 13 tires at $178 each, and 19 tires at $179 each. Shipping terms are FOB shipping point. Freight is $559; trade discount is 10/4; and a cash discount of 4/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay? Note: Round all intermediate calculations to two decimal places (the nearest penny) and enter your final answer rounded to two decimal places.

Boeing Truck Company received an invoice showing 10 tires at $125 each, 13 tires at $178 each, and 19 tires at $179 each. Shipping terms are FOB shipping point. Freight is $559; trade discount is 10/4; and a cash discount of 4/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay? Note: Round all intermediate calculations to two decimal places (the nearest penny) and enter your final answer rounded to two decimal places.

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

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
Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Tasty Tuna Corporation buys on terms of 1/20, net 60 from its chief supplier. If Tasty Tuna receives an invoice for $1,254.98, what would be the true price of this invoice? (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) $1,553.04 $1,242.43 $1,056.07 O $931.82 The nominal annual cost of the trade credit extended by the supplier is calculations to four decimal places, and your final answer to two decimal places.) , assuming a 365-day year. (Note: Round all intermediate Suppose Tasty Tuna does not take advantage of the discount and then chooses to pay its supplier late-so that on average, Tasty Tuna will pay its supplier on the 65th day after the sale. As a result, Tasty Tuna can decrease its nominal cost of trade…
FOR PROFITS 19. The store accountant receives an invoice for $1,400.00 at list price, plus a $54 freight bill with trade discounts of 20 and 10. The in- voice is paid on time and earns an additional 2% cash discount. What is the net cost?
Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.
A retailer buys merchandise from a supplier with an invoice amount of $12,600. The terms of the sale are 5/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? $ hi also the 5 is highlighted red i dont know what that mean
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $35,200, terms n/30. The cost of the merchandise sold is $21,100. Showcase Co. issues a credit memo for $6,000 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.’s entry for the purchase. b. Journalize Balboa Co.’s entry for the credit memo. c. Journalize Balboa Co.’s entry for the payment of the invoice.
. With regard to accounts payable: Explain the rationale of taking a cash discount, such as 4/8, n/30. Assume a purchase of $1,000,000. include computations Additionally, determine the approximate balance of accounts payable, if a company stretches its payables to 40 days and on average, they make purchases of $1,000,000 per day from their vendors.
Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)
Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation…
I purchased goods on account for 8,200, terms 1/10, n/30. I returned $1,700 of the goods and received full credit. If I pay the invoice within the discount period, what is the amount of cash required for the payment? Round the answer to the nearest dollar.
An invoice for a radio cost 1,220 is dated August 3, with the sales term 4/10 EOM. If the bill is paid on September 7, how much is due?