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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- Record the transactions on the books of Martinez corporation.A store purchased canned goods at an invoice price of $2,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediately to the supplier. If AllNight pays the invoice within the discount period, the amount paid should be: a $960. b $980. c 1,960. d 2,000.Assume Bella Donna’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $1,610. The company paid $104 in transportation cost to National Trucking to deliver the merchandise to Bella Donna. Bella Donna immediately returned goods to American Wholesaling costing $540, and then took advantage of American Wholesaling’s 1/10, n/30 purchase discount. When Bella Donna pays American Wholesale within the discount period, the credit to cash will be $______.
- Bell Corporation sold merchandise on account with a list price of $18,000 and a cost of $10,000. Payment terms were 1/10, n/30. Bell shipped the goods FOB destination and paid $600 in freight costs. Prior to payment of the invoice, the customer returned merchandise with a list price of $1,800 and a $1,000 cost. The customer paid the amount due within the discount period. What is Bell Corporation's net sales amount as a result of these transactions?A company purchases merchandise with a catalog price of $24,500. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?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.
- 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)The question is in the photo. Thanks!Please see below. I need help with this asap please and thank you.