On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of 2/10, n/30. Freight costs amounted to P5,000. The goods were received by the buyer on January 15, 20XX. Karl Co. collected the receivable on January 23, 20XX.   How much net cash did Karl receive from the buyer if the terms are FOB destination, freight prepaid?

Q: Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from…

A: Step 1:Answer a.The total amount due on a sale was $28,200 which the customer has already paid.…

Q: On November 2, 2022, Swifty Company has cash sales of $6050 from merchandise having a cost of $3600.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…

A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36

Q: On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10,…

A: The 2/10 n/30 is a term that is used by the company to calculate the amount of the discount under…

Q: Barans Company purchased merchandise on account from a supplier for $13,000, terms 2/10, n/30.…

A: In case of no information for inventory system, the perpetual method is inventory is assumed. Using…

Q: I need help with question

A: Step 1: Introduction to the Inventory:Inventory can be defined as the most important asset available…

Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…

A: Payment terms with  4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…

Q: need help with this ASAP, thanks.  A sales invoice included the following information: merchandise…

A: The buyer can avail discount if he makes the payment within the discount period.

Q: The Steven Furtick Company uses the net price method of accounting for cash discounts. In one of its…

A: The net realizable value is calculated as difference between gross sales and allowance for doubtful…

Q: cash, Php7. n credit for Php2,60 erchandise sold Dec randum for the retur or Php600. hp200 for…

A: Accounts Receivable 5,000          Sales   5,000 Merchandise Inventory 720…

Q: Cherry Co. Purchased merchandise for cash with an invoice price of 13000. How much is the vatable…

A: Value added tax:  It implies to the tax that is charged on the value addition by the producers at…

Q: A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

A: ACCOUNTS PAYABLEAccounts Payable is the amount which is outstanding to supplier. Accounts Payable…

Q: After the amount due on a sale of $29,200, terms 1/10, n/eom, is received from a customer within the…

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: The freight terms on the June 2 transaction were F.O.B. destination. The freight (shipping) cost of…

A: Free on Board (FOB) is a shipment term used to indicate whether the seller or the buyer is liable…

Q: After the amount due on a sale of $24,300, terms n/eom, is received from a customer, the seller…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Sheffield Company on July 15 sells merchandise on account to Pharoah Co. for $4500, terms 2/10,…

A: Lets understand the basics.Seller provide discount terms to its customer in order to attract early…

Q: On 15 December 2020; Saadah Company purchased goods at the amount of 32500 OMR and paid 12500, the…

A: Goods purchased for 32500 OMR and paid 12500, the balance is on account

Q: On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of…

A: given that, Selling price of goods = P45,000  Shippment cost = P4,500 Goods received by buyer = 2…

Q: On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required: Fill in the…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: Sales-Related Transactions After the amount due on a sale of $145,225, terms 2/10, n/30, is…

A: Vgyyvv

Q: am. 113.

A: Explanation:Purchase inventory: We increase Accounts Payable by $39,000 (liability increase) and…

Q: Barans Company purchased merchandise on account from a supplier for $7,100, terms 2/10, n/30. Barans…

A: The cash discount which has available on the purchases is when the condition is fulfilled and the…

Q: After the amount due on a sale of s33,900, terms 2/10, neom, is received from a customer within the…

A:

Q: Sales-related transactions. After the amount due on a sale of $22,600, terms n/eom, is received from…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…

A: The company makes cash sales and sales on account. The accounts receivable represents the amount due…

Q: On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of…

A: The term FOB shipping point refers to the free on board, which means that the sale completes when…

Q: A sales invoice included the following information: merchandise price, P4,100; transportation, P320;…

A: • FOB  ( Destination)shipping point : Its the responsibility of buyer to pay the shipping charges .…

Q: On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540.…

A: Cash sales refers to those sales that are made in cash , or by credit cards or by a cheque. When a…

Q: Leno Company sells goods to the Fallon Company for $15,000. . It offers credit terms of 3/10, n/30.…

A: Note: 3/10, n/30: Here, 3 represents the discount rate if payment is made within ten days. And if…

Q: EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30.…

A: Formula: Net purchases = Purchase invoice - Purchase discount + Freight.

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: Piedmont Company purchased merchandise on account from a supplier for $30000, terms 1/10, n/30.…

A: Given,  Purchases = $30,000 Purchase returns = $8,000 Cash discount = 1%

Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom;…

A: The seller is a person who sells the goods and would receive money for the goods sold.

Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…

A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

Q: An invoice received included the following information: merchandise price, $3,200; terms 1/10,…

A: Sales invoice:Sales invoice refers to the document which is used to inform the customer the amount…

Q: How do you find the cash discount and the net amount paid when you know the gross amount of invoice…

A: Cash discount is a rebate permitted by certain vendors of merchandise or by certain service…

Q: FDN Trading recorded the following events involving a recent purchase merchandise: Received goods…

A: Solution: Net cost of purchases is cost of goods purchased reduced by return and discounts and…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is