Need help with this question Garber Company made sales to two customers.Both sales were on credit terms of 2/10, n/30.Customer A purchased $30,000 of goods, returnednone, and paid in 9 days. Customer B purchased$40,000 of goods, returned, and was given creditfor $4,000 of goods and paid in 25 days. What wasthe net revenue from these two customers?a. $70,000b. $66,000c. $65,400d. Some other amount

Customer A Customer A paid his/her obligation within the discount period. Since he/she does not have…

Answered: Garber Company made sales to two…

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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What is the dollar amount of net sales? for this accounting question
1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P1,000 of the goods. How much should the seller expect to receive if the buyer pays on June 8?
Give true calculation
JellyFelly sold a lamp to a cash customer, the retail price was $299.99 and sales tax is 9%. The journal entry to record this transaction would include a: O Debit to Cash for $299.99 • Credit to Sales Revenue for $326. O Credit to Sales Tax Payable $27. O Debit to Sales Revenue for $299.99
Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of $59,000 with terms 4/15, n/45. On June 12, 20X5, full payment for the June 1 sale was received. The journal entry to record the sale would include a debit to sales discounts of $2,360 O credit to sales revenue of $56,640 debit to accounts receivable of $56,640 credit to sales revenue of $59,000
Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.
Blackwell Co. has credit sales of $317,428, costs of goods sold of $151,217, and average accounts receivable of $28,744. How long on average does it take the firm's credit customers to pay for their purchases? Multiple Choice 33.05 days 27.99 days 31.37 days 29.95 days 38.23 days
a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
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Larry’s Lawn Equipment Company gives terms of 2/10, n/30. Larry hasannual credit sales of $500,000 and average accounts receivable of $60,000.a. What is Larry’s accounts receivable turnover?b. What is Larry’s average daily collection?c. What is the relationship between the terms that Larry is giving and hisaverage daily collection?
Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.
At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was $43,000. During the year the firm paid out $83,000 to credit suppliers, while enjoying discounts of $8,800. How much was purchased on credit during the year ? Select one : A.$88,000 B.$96,000 C.$82,600 D.$97,000 Clear explanation of answer needed

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