Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. a. b. C. d. Merchandise (gross) $ $ $ $ 7,600 23,900 80,200 16,500 Terms 2/10, n/60 1/15, n/90 1/10,n/30 3/15, n/45 Payment

Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. a. b. C. d. Merchandise (gross) $ $ $ $ 7,600 23,900 80,200 16,500 Terms 2/10, n/60 1/15, n/90 1/10,n/30 3/15, n/45 Payment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for…

A: When customers pay within the stated discount periods, sales discounts (if offered by sellers)…

Q: After the amount due on a sale of $22,400, terms 1/10, n/eom, is received from a customer within the…

A: The buyer has paid the amount within the discounted period. So the refund will also be made after…

Q: Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from…

A: Step 1:Answer a.The total amount due on a sale was $28,200 which the customer has already paid.…

Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…

A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36

Q: Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The…

A: The credit terms is 1/10, n/30 which means if the payment has been paid within 10 days, then 1%…

Q: Calculate (A) cash discount (B) net amount paid Gross Invoice (including freight) Freight $50…

A: Cash discounts are incentives provided by a seller to a buyer in exchange for paying a bill in full…

Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…

A: Trade discount is that discount which is being given to all the customers on the list price of the…

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: 2/10 indicates that a sales discount of 2% is allowed if the payment is made within 10 days.

Q: A sales invoice included the following information: merchandise price, $12,400; terms 1/10, n/eom,…

A: Concept of terms 1/10, n/eom: 1/10 means 1% discount is valid of the payment has been made within…

Q: pany merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $50…

A: Lets understand the basics.In FOB shipping point method, ownership gets transferred once item gets…

Q: Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal…

A: Sales indicate the income generated by the corporation in its day-to-day operations by selling the…

Q: a. b. Merchandise $10,700 $13,300 a. $ b. $ Freight Paid by Seller $376 $58 Freight Terms FOB…

A: Lets understand the basics.Under FOB destination, freight is the seller's expense and under the FOB…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: In the case of FOB Shipping pointAmount to be paid = ( Purchases - Return ) * ( 1 - Discount rate )…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: FOB SHIPPING POINT FOB shipping point explains that the ownership of the inventory is transferred to…

Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…

A: The amount of cash that should be received by the seller = Invoice price + Freight charges –…

Q: An invoice received included the following information: merchandise price, $12,000; terms 1/10,…

A: Invoice is a document on which all goods / services providing details are mentioned. It includes the…

Q: Complete the following by calculating the cash discount and net amount paid: (If more than one…

A: Note: 2/10,1/15, n/30: Here, 2 represents the discount rate if payment is made within ten days and 1…

Q: Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB…

A: Introduction:- The following basic information as follows under:- Gross sales $21,200 FOB shipping…

Q: Nieman Company purchased merchandise on account from a supplier for $5,500, terms 2/10, n/30. Nieman…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: Prepare the Journal Entries for the following purchase transactions: I. Purchase of merchandise…

A: Journal entries recording is termed as first step in accounting cycle proces, in which atleast one…

Q: Purchase transactions: Rolfes company purchased merchandise on account from Springhill Company for $…

A: Purchase discount is calculated by multiplying purchase less return by discount rate. 2/10, n/30…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit…

A: Understanding the payment terms: The payment terms of 2/10 and n/30 means the discount of 2% is…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: FOB shipping point explains that the ownership of the inventory is transferred to the purchaser once…

Q: An invoice received included the following information: merchandise price, $3,800; terms 1/10,…

A: Sales invoice:Sales invoice refers to the document which is used to inform the customer the amount…

Q: Compute the amount to be paid for each of the four separate invoices assuming that all invoices are…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Calculate the credit given for the partial payment and the net amount due on the invoice (in $).…

A: Collection from customer or receivables is directly effects the cash. It is a part of working…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

Q: Required information [The following information applies to the questions displayed below.] Tracy…

A: The journal entries are prepared to record the transactions on regular basis.Gross method of…

Q: Complete the following by calculating the cash discount and net amount paid: (If more than one…

A: When a seller sells goods to the buyer, The Buyer has to pay money for purchasing goods. Sometimes…

Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…

A: Sales - Return = Net Sales Merchandise Price = $11,800 Prepaid Freight = $560 Merchandise…

Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…

A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…

Q: 1/10, n/30 3/15, n/45

A: Net purchase is the amount of cash paid to supplier for the purchase of inventory during the…

Question

QS 5-4 (Algo) Computing net invoice amounts LO P1
Compute the amount to be paid for each of the four separate invoices assuming
that all invoices are paid within the discount period.
a.
b.
Merchandise
(gross)
$
$
GA
GA
C.
$
d. $
7,600
23,900
80,200
16,500
Terms
2/10, N/60
1/15, n/90
1/10, n/30
3/15, n/45
Payment

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Working Note #1:- Calculation of final payment

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period merchandise (gross) Terms a. $8,000 2/10,n/60 b. 24,500 1/15, EOM c. 81,000 1/10, n/30 d. 17,500. 3/15, n/45
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. If required, round the answers to the nearest dollar. Credit for Freight Refunds and Merchandise Paid by Seller Freight Terms Allowances $6,300 $600 FOB shipping point, 2/10, n/30 $1,550 a. b. 2,900 600 FOB destination, 1/10, n/30 1,200 a. $ b. $
A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom; FOB shipping point with prepaid freight of $496 added to the invoice. Assuming that a credit for merchandise returned of $1,800 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller?
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Payment (gross) Terms 2/10, n/60 a. b. 1/15, EOM C. 1/10, n/30 d. 3/15, n/45 $ 6,800 22,700 78,600 14,500
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $11,300. Pierce prepaid the $272 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300 Ob. Accounts Receivable-Stanton, debit $11,572; Sales, credit $11,572 Oc. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300, and Delivery Expense, debit $272; Cash, credit $272 Od. Accounts Receivable-Stanton, debit $11,074; Sales, credit $11,074, and Accounts Receivable-Stanton, debit $272; Cash, credit $272
The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.
An invoice received included the following information: merchandise price, $3,200; terms 1/10, n/eom; FOB shipping point with prepaid freight of $598. Assuming that a credit for merchandise returned of $600 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $600 b. $3,760 c. $3,200 d. $3,172
Determining amounts to be paid on invoices 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: ό ό ύ τ ο a. b. d. e. a. S b. S 00000 C. $ d. $ Merchandise e. S Invoice Amount $17,400 11,500 7,600 3,700 2,400 Freight Paid by Seller $500 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 2/10, n/30 Customer Returns and Allowances $900 1,400 700 500
Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250
Sh39
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,100 $348 FOB Shipping Point, 1/10, net 30 $700 (b) $3,800 $124 FOB Destination, 2/10, net 45 $800 a. $ b. $
21-The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Credit period c. Discount period d. Trade discount