Find out what is the total amount to financial accounting Problem Forest View Paper Supply receives bulk paper deliveries. Lastshipment shows: standard boxes 240 at $35 each, premiumboxes 160 at $45 each, with shipping $420. Determine the totalinvoice amount.

Explanation of Standard Boxes: Standard boxes refer to a category of paper boxes that are offered at…

Answered: Forest View Paper Supply receives bulk…

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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Similar questions

A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.)
on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the concord company books to record all the events noted above under each of the following basis. (1) sales and receivable are entered at gross selling price. (2). sales and receivable are entered at net cash discounts.
On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $98, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.
Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is $4,000. Purchase terms are 2/10, n/30 and the invoice is paid one week after it was received. The shipping terms are FOB destination and the shipping costs are $300.
You place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of 1/15, net 90. a-1. How long do you have to pay before the account is overdue? Days until overdue days a-2. If you take the full period, how much should you remit? (Omit "$" sign In your response.) Remittance $ b-1. What is the discount being offered? Discount offered Remittance b-2. How quickly must you pay to get the discount? Number of days days b-3. If you do take the discount, how much should you remit? (Omit "$" sign in your response.) %6 $ c-1. If you don't take the discount, how much interest are you paying implicitly? (Omit "$" sign in your response.) Implicit interest $ c-2. How many days' credit are you receiving? Days' credit days
Buttons and Bows received a shipment with a list price of $2,600. The store received a trade discount of 25/15. How much does the store need to pay for this shipment?
Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at the end of the accounting period, the branch reports its inventories (at billed price) at $28,000. Instructions: Prepare the working paper for a home office to analyze the flow of merchandise to the branch.
An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is 30%, 20%, and 5% with terms of 2/10 as of April 1, FOB retailers distribution center, and shipping charges of $30 pre-paid by the vendor. There is a quantity discount of 1% on orders of $5000 and a 2% discount on orders of $7500 or more. What amount should be paid if the buyer purchase $10,000(list price) worth of merch ?
The invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping point. The invoice is paid within the week of receipt and shipping costs are $200. By what amount should the purchaser's Inventory be increased?
Prepare journal entries for the following transactions from Lumber Wholesale. Aug. 9 Sold 48,320 pounds of lumber with a sales price of $5.50 per pound to customer Homes Unlimited. Homes Unlimited paid with cash. The cost for this sale is $1.35 per pound. Aug. 10 Sold 34,700 pounds of lumber with a sales price of $6.75 per pound to customer Barry Njegren. Njegren paid using his in-house credit account. Terms of the sale are 4/15, n/35. The cost for this sale is $1.20 per pound. Aug. 11 Sold 50,330 pounds of lumber with a sales price of $4.60 per pound to customer Goodson Houses. Goodson paid using its American credit card. The cost for this sale is $1.40 per pound. American Credit Card Company charged Lumber Wholesale a 2.5% usage fee based on the total sale per transaction. Aug. 14 American Credit Card Company made a cash payment in full to Lumber Wholesale for the transaction from August 11, less any usage fees. Aug. 25 Barry Njegren paid his account in full with a cash…
Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Sansomite’s inventory consisted of suitcases costing $1,200. During the month of July the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Satchel World for $2,000.The cost of suitcases sold is $1,200. 9 Paid Trunk Manufacturers in full. 12 Received payment in full from Satchel World. 17 Sold suitcases on account to The Going Concern for $1,500. The cost of the suitcases sold was $900. 18 Purchased suitcases on account for $1,700 from Kingman Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 20…
Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,881. The retailer receives a 24% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar.

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Forest View Paper Supply receives bulk paper deliveries. Last shipment shows: standard boxes 240 at $35 each, premium boxes 160 at $45 each, with shipping $420. Determine the total invoice amount.