On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 63 televisions at a costof $135 each. Century received a 10/5/2 chain discount. Shipping terms were FOB shipping point. ACME prepaid the4$83 freight. Terms were EOM. When Century received the goods, 3 sets were defective. Century returned these10sets to ACME. On April 8, Century sent a $235 partial payment. Century will pay the balance on May 6. What isCentury's final payment on May 6? Assume no taxes.Note: Do not round intermediate calculations. Round your answer to the nearest cent.Final payment

The final payment of the invoice will be computed after deducting all the available discounts and…

Answered: On March 30, Century Link received an…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On July 19, 2021, SLRTN Inc. sold 19,000 units of its inventory to a customer for a total cash price ofP1,235,000. One unit costs the company P26. An excerpt in the contract of sale states that all goods may be returned by the customer to the seller within 31 days from purchase should the goods be of unsatisfactory quality. Based on past experience, 7% of the sold units are usually returned. The company employs a perpetual inventory system. The entries on July 19, 2021 will include all of the following, EXCEPT A. Debit to cash, P1,235,000 B. Debit to refund liability, P34,580 C. Credit to sales revenue, P1,148,550 D. Credit to inventory, P494,000
Flint Corporation shipped $20,400 of merchandise on consignment to Gooch Company. Flint paid freight costs of $2,000. Gooch Company paid $480 for local advertising, which is reimbursable from Flint. By year-end, 62% of the merchandise had been sold for $21,500. Gooch notified Flint, retained a 10% commission, and remitted the cash due to Flint. Prepare Flint's journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To record the cash remitted to Flint.) (To record the cost of inventory sold on consignment.) Debit Ill Credit
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On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 67 televisions at a cost of $150 each. Century received a 15/7/4 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $127 freight. Terms were 2/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $195 partial payment. Century will pay the balance on May 6. What is Century’s final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.)
On October 5, 2024, the Lalisa Trading Company consigned 48 computer units, costing P 8,000 each, to Jennie, Inc. The units were to be sold on either cash or credit basis at a commission of 15% of net sales. Lalisa paid freight of P 1,800 on the shipment. On November 11, Jennie received the goods. Sales were made as follows: · October 15 – 10 units for cash at P 13,000 each · October 28 – 12 units on account at P 14,000 each On October 31, 2024, collections on accounts amounted to P 95,000, and an allowance of P 2,000 was given to a charge customer for a defective unit. On November 15, 2024, Jennie made the proper remittance of cash received from customers. Required: 1. Determine the amount of remittance 2. Determine the consignment profit 3. Determine the cost of ending inventory on consignment
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GHI Company established a sales agency in a different location. Upon the establishment of the sales agency, the home office sent merchandise samples costing P10,000 and a cash working fund of P50,000 to be maintained on the imprest basis. During the month of June, the sales agency reported to the home office sales orders. These were billed at P170,000, of which half was collected. The sales agency paid expenses of P45,800 but was reimbursed by the home office. At the end of the month there was no samples left. It was estimated that the gross profit on goods shipped to fill sales agency sales orders averaged 60% of sales. What is the net income of the sales agency for the current month?
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Harmony trading purchased an item with a catalogue price of 17,000. The invoice dated Nov 1 2021 indicated less 20%, trade discount and 2/10, n/30. The invoice also indicates that the term of the shipment is FOB shipping point. The seller paid the freight of 1,000 since the shipping company refuses to load the cargo unless the freight is prepaid.How much is the final amount paid by Harmony trading that payment is made within the discount period?

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