Meadowbrook Supermarket purchased inventory for $110,000 on credit. The company later returned $15,000 worth of defective goods and received a $6,000 discount. What is the final amount Meadowbrook Supermarket must pay to the supplier?
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- What is the final amount.....?A household appliance dealer buys refrigerators from a manufacturer and resells them to its customers. a.The manufacturer sets a list or catalogue price of $2,500 for a refrigerator. The manufacturer offers its dealers a 30 percent trade discount. b.The manufacturer sells the machine under terms of FOB destination. The cost of shipping is $240. c.The manufacturer offers a sales discount of 2/10, n/30. Sales discounts do not apply to shipping costs. What is the net cost of the refrigerator to the dealer, assuming it is paid for within 10 days of purchase?Assume Bella Donna's General Store bought, on credit, a truckload of merchandisc from American Wholesaling costing $3,960. The company paid $170 in transportation cost to National Trucking to deliver the morchandise to Bella Donna. Bella Donna immediately returned goods to Amorican Wholesaling costing $690, and then took advantage of American Wholesaling's 1/10, n/30 purchase discount. At the end of the period the inventory account will have a balance of $
- Please answer the question correctly. Thank you.A company purchased 50 units of merchandise for $100 each. After selling 30 units for $125 each, the company had to reduce the remaining units to $90 each in order to sell them. What is the cost of goods sold?Kingbird Inc. sold $16,200 of its designer tables to Santos Furniture and Design Studios on account. Kingbird estimates that $1,800 of these sales will either be returned or an allowance will be granted. Prepare the entries when (a) Kingbird makes the sale (use the gross method), and (b) Kingbird grants an allowance of $1,000 when some of the tables do not meet exact specifications but still could be sold by Santos. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)
- Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10, n/40. What percent discount will Kurt Company get if it pays within the allowed discount period? If Kurt Company fails to pay within the discount period, how many days does Kurt Company have from the date of purchase before the payment is considered to be late? daysSTaaPM x ugth.wileyplus.com/edugen/Iti/main.uni Indeed Monster Jobs Degree Progra High Energy Make 1 Hear Student Da.. Paused d pue S Consumer Center * The Ultimate Guide nancial Calculator. IS Kimmel, Financial Accounting, 8e Help I System Announcements CALCULATOR PRINTER VERSION 4BACK Exercise 6-1 Umatilla Bank and Trust is considering giving Sage Hill Inc. a loan. Before doing so, it decides that further discussions with Sage Hill Inc's accountant may be desirable. One area of particular concern is the Inventory account, which has year-end balance of $253,760. Discussions with the accountant reveal the following. 1. Sage Hill Inc. sold goods costing $55,290 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not induded in the physical inventory because the were not in the warehouse. 2. The physical count of the inventory did not indude goods costing $96,030 that were shipped to Sage Hill Inc. FOB…A musical group plans to sell T-shirts bearing their logo at an upcoming concert. They find a supplier who charges $2.50 per plain T-shirt. Printing the logo on the shirt requires a set-up charge of $50 for the order plus $0.75 per shirt. The group places an order for 200 T-shirts and pays a shipping fee of $15 upon receipt. What is the total dollar amount that should be debited to the inventory account for the 200 T-shirts?
- Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend $60,900 to make these goods. Destiny has 30 days to return the goods for any reason. On July 1, Destiny returns $8,000 worth of goods that had cost Legend $5,600. Legend expects to be able to resell these goods for a profit. Prepare the following entries on the books of Legend Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is usedFDN Company sold goods to a customer with terms 3/10, 2/20 n/30, FOB Shipping Point amounting to P250,000 on April 3. On April 8, the customer found out that P20,000 worth of goods have a manufacturing defect and returned it. The cost of shipping is P20,000. On April 10, the company made a half partial payment and the account was finally settled in full on April 20. How much is the Net Sales from this transaction?On february 5, 2018, nicanor merchandising has purchased goods on account amounting to 500,000 with credit terms of 3/15, n/60 from its major trade supplier. nicanor operates 360 days a year. Required: 1. compute the nominal cost of trade credit 2. compute the effective cost of trade credit 3. assuming nicanor did not pay the account within the discount period, how much is the penalty in using the money for the next 45 days? 4. in case the prevailing interest rate on bank loan is 20% per annum at simple interest, should nicanor pay within the discount period or not? Breifly discuss your answer and present supporting computation. 5. determine the net monetary benefit that nicanor will enjoy in selecting the optimal alternative. please answer 3-5 thank you