As part of the employment interview for an accounting job at Sound Design,you have been asked to answer the questions below, based on an invoicefrom one of Sound Design's vendors, Target Electronic Wholesalers.InvoiceTableTARGETELECTRONIC WHOLESALERS1979 N.E. 123 StreetJacksonville, Florida 32204Sold to: Sound Design480 McDowell Rd.Phoenix, AZ 85008Invoice Date: June 28, 20XXTerms of Sale: 3/15, n/30 ROGStock #DescriptionUnit PriceAmount4811VStereo Receivers50 x $292.50 =Blu-Ray PlayersHome Theater Systems511CX25 x $134.28 =6146M40 x $654.12 =1031ALCD TVs20 x $597.00% =Merchandise TotalInsurance + Shipping $1,350.00Invoice Total(a) Complete the invoice itemization by finding the total amount (in $) foreach item, the merchandize total (in $), and the total amount of theinvoice (in $).Stock #DescriptionUnit PriceAmount4811VStereo Receivers50 x $292.50 $ 14,625511CXBlu-Ray Players25 x $134.28$3,357Home Theater Systems$ 26,1656146M40 x $654.121031ALCD TVs20 x $597.00$ 11,940Merchandise Total$ 56,087Insurance + Shipping$ 1,350$ 57,437Invoice Total(b) What are the discount date and the net date if the shipment arrived onJuly 14?Discount DateJuly29Net DateAugust13(c) While in transit, five Blu-ray players and four LCD TVs were damaged andwill be returned. What is the amount (in $) of the returned merchandise?What is the revised merchandise total (in $)?Returned merchandise$ 3060Revised merchandise total$ 53,027(d) What are the amount (in $) of the cash discount and the net amount dueif the discount is taken? (Round your answers to the nearest cent.)Cash discount$4Net amount due$4(e) If Sound Design sends in a partial payment of $30,000.00 within thediscount period, what is the net balance (in $) still due? (Round youranswer to the nearest cent.)$

As per the invoice, the terms of sale includes 3/15, n/30 ROG. It means that 3% cash discount is…

(d) What are the amount (in $) of the cash discount and the net amount due if the discount is taken? (Round your answers to the nearest cent.) Cash discount Net amount due (e) If Sound Design sends in a partial payment of $30,000.00 within the discount period, what is the net balance (in $) still due? (Round your answer to the nearest cent.)

(d) What are the amount (in $) of the cash discount and the net amount due if the discount is taken? (Round your answers to the nearest cent.) Cash discount Net amount due (e) If Sound Design sends in a partial payment of $30,000.00 within the discount period, what is the net balance (in $) still due? (Round your answer to the nearest cent.)

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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