Levin Furniture buys a living room set with a $5,800 list price and a 50% trade discount. Freight (FOB shipping point) of $45 is not part of the list price. What is the delivered price (including freight) of the living room set, assuming a cash discount of 3/10, n/30, ROG? The nvoice had an April 8 date. Levin received the goods on April 19 and paid the invoice on April 25. Delivered price $ 1495

Levin Furniture buys a living room set with a $5,800 list price and a 50% trade discount. Freight (FOB shipping point) of $45 is not part of the list price. What is the delivered price (including freight) of the living room set, assuming a cash discount of 3/10, n/30, ROG? The nvoice had an April 8 date. Levin received the goods on April 19 and paid the invoice on April 25. Delivered price $ 1495

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A retailer ordered 20 sets of dining table and received an invoice dated 25 March 2009 for RM15,000 including the transportation cost with cash discount terms of 7/15, n/30 and trade discount 8% and 4%. The transportation cost was RM1,584. i) Find the last date to receive the cash discount. ii) Calculate the net price for 20 sets of dining table. iii) Determine the total payment if the retailer pays the invoice on 8 April 2009
Record the transactions on the books of marigold corporation.
On September 10th Green Company orders $5000 in equipment from Smith Outdoors where they receive a 6/4 chain discount. The Green Company clerk received the shipment from Smith Outdoors with an invoice on September 20. The Net price on the invoice was $4,607.50 (freight not included). Terms were 2/10, n/30, ROG. Freight charges were $200 and are Green’s responsibility but were prepaid by Smith Outdoors. You are the clerk in charge of paying the bills at the Green Company. You are going to pay the bill before the 30th. What should you do and how much should you pay Smith Outdoors?
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?
Sharleen purchased merchandise with a list price of $27,985. She receives a 2% cash discount and a 21/18/12 trade discount. What is Sharleen’s outstanding balance if she makes a $4000 partial payment within the discount period?
Provisions Grocery Store purchased merchandise on account from Federal Grocers for $500.00 on April 6, terms 2/10, n/30. Federal Grocers prepaid freight charges of $25.00 and added them to the invoice. Assuming Provisions Grocery Store pays the amount due within the discount period, what is the amount of the payment?
On March 2, ABC sold $4,500 of merchandise on account, terms 2/10,n/30 to XYZ. The goods cost $3,100. XYZ returned $400 worth of goods on March 5. The goods cost $160. Select the option that best represents the return on March 5.