counts: Trade and Cash 1Complete the following by calculating the cash discount and net amount paid:(If more than one discount, assume date of last discount.)Gross amount ofinvoice (freightcharge alreadyincluded)$600FreightchargeNoneDate ofinvoice8/12Terms ofinvoiceSaved2/10, 1/15, n/30Date ofpayment8/24CashdiscountNet amountpaid

Cash discount is given if the purchasing copany pays the receipt within the sipulated period. Here,…

Answered: Complete the following by calculating…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

What amount will be paid in full settlement of Invoice 22384, assuming that credit for returns and allowances was received prior to payment and that the invoice was paid within the discount period. Inv. No. Merchandise Freight Paid by Seller Freight Terms Returns and Allowances 22384 $4,500 $140 FOB Shipping Point,2/10, net 30 $1,200
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $5,010.20 4/10, n/30 $ $
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that al invoices were paid within the discount period. If required, round the answers to the nearest dollar. Credit for Refunds and Freight Paid by Seller Merchandise Freight Terms Allowances $6,300 $600 FOB shipping point, 2/10, n/30 $1,550 a. 2,900 600 FOB destination, 1/10, n/30 1,200 a.
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise FreightPaid by Seller Freight Terms Credit forRefunds andAllowances a. $58,600 $1,300 FOB destination, 1/10, n/30 $6,500 b. 73,100 600 FOB shipping point, 2/10, n/30 3,900 a. $fill in the blank 1 b. $fill in the blank 2
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Terms Payment (gross) a. $ 8,800 2/10, n/60 b. $ 25,700 1/15, n/90 C. $ 82,600 1/10, n/30 d. $ 19,500 3/15, n/45
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
Barans Company purchased merchandise on account from Springhill Company for $13,900, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,600 and received full credit. A) If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. ? B) What account is debited by Barans Company to record the return? ?
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances a. $21,800 - FOB shipping point, 1/10, n/30 $1,100 b. 12,000 $500 FOB shipping point, 1/10, n/30 1,400 c. 6,500 - FOB destination, 1/10, n/30 600 d. 2,900 100 FOB shipping point, 1/10, n/30 400 e. 3,600 - FOB destination, 1/10, n/30 - a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances a. $14,800 - FOB shipping point, 1/10, n/30 $700 b. 11,500 $500 FOB shipping point, 1/10, n/30 1,400 c. 5,200 - FOB destination, 2/10, n/30 500 d. 4,300 200 FOB shipping point, 2/10, n/30 600 e. 3,600 - FOB destination, 2/10, n/30 -
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) $ 625 Freight charge None Date of invoice 8/10 Terms of invoice 5/10, 4/15, n/30 Date of payment 8/22 Cash discount Net amount paid
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge date of invoice terms of service date of payment cash discount net amount paid $650 None 8/11 4/10,2/15, n/30 8/23
Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS