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?
- Merchandise 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?Under the periodic inventory system, the entry to record a purchase of P60,000, with terms 2/10. n/30 would include a. Debit to Accounts Payable for P58,800 b. Credit to Purchases for P60,000 c. Credit to Accounts Payable for P60,000 d. Debit to Purchase Discounts for P1,200
- Sunland 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.) $10580Merchandise 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?The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.