OBJ. 2EX 6-13 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 thatall invoices were paid within the discount period:نه - ن کاa.b.C.d.e.Merchandise$20,50031,10024,00011,00042,200FreightPaid by Seller1$560370FOB destination, n/30FOB shipping point, 2/10, n/30FOB shipping point, 1/10, n/30FOB shipping point, 2/10, n/30FOB destination, 1/10, n/30Customer Refundsand Allowances$4,8005,9001,3001,800

a Merchandise 20,500 Less: Return and Allowances -4,800 Amount to be paid in…

Answered: EX 6-13 Determining amounts to be paid…

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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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.
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 credit period. a. $20,700 b. 10,500 7,800 2,500 1,800 C. d. Merchandise e. a. b. $ d. $ 19,700 e. $ Freight Paid by Seller c. $ 3,762 X X X X $400 100 Terms FOB shipping point, n/30 FOB shipping point, n/30 FOB destination, n/30 FOB shipping point, n/eom FOB destination, n/30 Returns and Allowances $1,000 1,300 700 400
Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394
PE 9-4B Analysis of receivables method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $4,770,000, Allow- ance for Doubtful Accounts has a debit balance of $17,230, and sales for the year total $63,800,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $380,000. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable.
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
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
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 -
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. $13,800 $251 FOB shipping point, 1/10, net 30 $1,400 Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances b. $4,900 $59 FOB destination, 2/10, net 45 $1,100
EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.
! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 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. $4,910 b. $4,500 c. $4,024 d. $900
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. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800

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