If a company purchases inventory for $50,000 with terms 2/10, n/30, and pays within the discount period, what is the amount of the payment? a) $49,000 b) $50,000 c) $51,000 d) $48,000
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- If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?
- ACCOUNTING questionMerchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?If merchandise sells for $3,500, with terms 3/15.n/45 , and the cost of the inventory sold is $2,100, the amount charged to sales under the net method of recording sales discounts is?
- Geran Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Geran Company pays within the discount period? Question 13 options: A) $5,000 B) $4,900 C) $4,600 D) $4,500If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) $10.50Sunland Company purchased merchandise inventory with an invoice price of $11500 and credit terms of 2/10, n/30. What is the net cost of the goods if Sunland Company pays within the discount period? a.) $10350 b.) $11270 c.) $11500 d.) $10580
- Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P600,000; Purchase Returns and Allowances P25,000; Purchase Discounts P11,000; and Freight-in P19,000; beginning inventory of P45,000; ending inventory of P55,000; and net sales of P750,000. Determine the cost of sales.K110.