Determining Amounts to be Paid on InvoicesDetermine 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 allinvoices were paid within the discount period:نه ن ن ن نa.b.C.C.d.e.a. $b. $00000d. $Merchandisee. SInvoice Amount$18,2009,1005,8002,6003,600FreightPaid by Seller$400-100FOB destination, n/30FOB shipping point, 2/10, n/30FOB shipping point, 2/10, n/30FOB shipping point, 1/10, n/30FOB destination, 1/10, n/30Customer Returnsand Allowances$9001,100500400

ANSWER :- Calculate amount paid a) (8200-900) = 7300. b) (9100-1100*98%+400) = 8240.

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 allo invoices were paid within the discount period: a. a. b. d. C. d. e. b. $ C. $ 0000 Merchandise S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 100 - FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400

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 allo invoices were paid within the discount period: a. a. b. d. C. d. e. b. $ C. $ 0000 Merchandise S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 100 - FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400

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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