Calculate the net sales revenue On November 1, 2015, Wrenns Martch sold merchandise witha cost of $5,000 for $10,000, FOB destination, with paymentterms of 3/10, n/40, Wrenns paid transportation costs of $100.Of these, merchandise sold for $3,000 (with a cost of $1,500)was returned on November 6. The company received thepayment for the balance amount on November 10, 2015.Calculate the Net sales revenue.

Concept of Net Sales Revenue:Net sales revenue is the actual revenue a company earns after deducting…

Answered: On November 1, 2015, Wrenns Martch sold…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the net sales revenue?
Calculate the net sales
On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information: Total merchandise purchases for the year 7,000,000 Merchandise inventory at December 31 1,400,000 Collection from customers 4,000,000 All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible. What is the balance of accounts receivable on December 31, 2018?
On October 4, 2008, Terry Corporation had eredit sales transactions of P2,80o from merchandise having cost P1.900. The entries to record the day's credit transactions include a * debit of P2,800 to Merchandise Inventory. credit of P2,800 to Sales. debit of P1,900 to Merchandise Inventory. O credit of P1,900 to Cost of Goods Sold.
On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).
Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
On September 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10, n/60; freight of $200 prepaid and added to the invoice. On September 3, Jerry's returns of $500 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is;
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include a
On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit terms of 3/5, n/60. On September 3, Jerry's returns $1,300 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is:
A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.)

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