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Cat Supplies offers terms of 1/10, net 35. The discount is taken by 77 percent of customers. What is the company's average collection period?
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- A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24% 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 (Round your answer to the nearest dollar)?The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
- If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit
- Subject: general accountingYou place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of 1/15, net 90. a-1. How long do you have to pay before the account is overdue? Days until overdue days a-2. If you take the full period, how much should you remit? (Omit "$" sign In your response.) Remittance $ b-1. What is the discount being offered? Discount offered Remittance b-2. How quickly must you pay to get the discount? Number of days days b-3. If you do take the discount, how much should you remit? (Omit "$" sign in your response.) %6 $ c-1. If you don't take the discount, how much interest are you paying implicitly? (Omit "$" sign in your response.) Implicit interest $ c-2. How many days' credit are you receiving? Days' credit daysHelp
- A wholesaler gives trade discounts 30%, 11% and 3% to his regular customers.a) Find the single discount equivalent to the given trade discounts.b) If the list price of an item is RM320, find the net price.A wholesale firm made sales with the following list prices and trade discounts. Calculate the amount the firm will use to record each sale in the sales journal. A. List price of $1,700 and trade discount of 55 percent. B. List price of $1,300 and trade discount of 45 percent. C. List Price of $2,200 and trade discounts of 30 and 20 percent. (Round your answer to 2 decimal places.) A. Amount B. Amount C. AmountIf merchandise is sold on account to a customer for 1000 terms FOB shipping point, 1/10, n/30 and the seller prepays $50 in transportation costs, the amount of the discount for early payment would be: