On November 3, FDN Trading sold merchandise for P180,000 less 15-10 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P72,000. The account was finally paid in full on November 23. How much was the net sales generated from the above transactions?

On November 3, FDN Trading sold merchandise for P180,000 less 15-10 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P72,000. The account was finally paid in full on November 23. How much was the net sales generated from the above transactions?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG…

A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

Q: Can you provide me the full answer for this quiestion

A: Formulas for different financial ratios are as follows.

Q: Are these written in your own words?

A: Yes the answer is writtern in own words. Please find a alternate answer below

Q: Assume that a perpetual inventory system is used and the records indicate that$191,400 of…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: lournal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1.…

Q: Finch Corporation expects to incur indirect overhead costs of $110,700 per month and direct…

A: Predetermined Overhead Rate= Total Indirect Overhead Cost for 4 months/Expected Unit Of Production…

Q: Preparation of the statement of changes in stockholders' equity The purpose of this exercise is to…

A: Stockholder’s Equity is the amount of remaining assets if all the liabilities in the business are…

Q: kindly, explain more

A: When deciding where to invest there many factors that need to be considered in order to take any…

Q: Campbell Company, which produces and sells a small digital clock, bases its pricing strategy on a 20…

A: Differential analysis or incremental analysis is an accounting technique used by management. In…

Q: can you please solve the second question

A: Cost per good unit is calculated as total cost divided by number of good units. The cost can be…

Q: can i please get a correct answer for that question

A: The statement of comprehensive income is computed by adding the net income – which is found by…

Q: Required Choose an appropriate cost driver for each of the overhead costs and determine the total…

Q: In the image you can look at the question . Is asking me to choose the correct answer below and fill…

A: Here, Loan Amount is $165,000 Mortgage A: Time Period (n) is 15 years Interest Rate is 6.25% Closing…

Q: AJ Manufacturing Company incurred $53,500 of fixed product cost and $42,800 of variable product cost…

Q: Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared…

A: Since you have asked only first two requirements, am answering it alone… a. Working note:

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Please answer the question correctly. Thank you.

On November 3, FDN Trading sold merchandise for P180,000 less 15-10 on terms
3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective
goods. On November 13, the customer made a partial payment of P72,000. The
account was finally paid in full on November 23. How much was the net sales
generated from the above transactions?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On November 3, FN Trading sold merchandise for P200,000 less 10-5 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P60,000. The account was finally paid in full on November 23. How much cash was received by FDN Trading on November 23?
Company X sold merchandise for $50,000 with terms 3/30, n/90 on January 1. On January 29, Company X received half the payment in cash. On March 1, they received the remaining half. Prepare the journal entries to record the sale and the receipt of cash under (1) the gross method and (2) the net method. What effect does using the gross method vs. the net method have on the company’s current ratio after the sale? After the receipt of cash?
Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the merchandise sold is P15,500. Corinto Co. issued a credit memo for P1,750 for merchandise returned that originally cost P1,400. The Genesis Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?
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 shipping point, freight collect? O a P305,000 O b P294,000 Oc P299,000 Od P289,000
1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P1,000 of the goods. How much should the seller expect to receive if the buyer pays on June 8?
What is the amount of net sales from the transactions on these accounting?
Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 of undiscounted merchandise returned which originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? A. $10,500 B. $30,772 C. $7,972 D. $31,400
Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of $59,000 with terms 4/15, n/45. On June 12, 20X5, full payment for the June 1 sale was received. The journal entry to record the sale would include a debit to sales discounts of $2,360 O credit to sales revenue of $56,640 debit to accounts receivable of $56,640 credit to sales revenue of $59,000
On March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10, n/30. The cost of the merchandise sold was $562,000. On March 6, Pina Company returned $96,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. On March 12, Blossom Company received the balance due from Pina Company. (List all debit entries before credit entries. 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 Debit Credit
On December 28, 20Y3, Silverman Enterprises sold $20,000 of merchandise to Beasley Co. with terms n/30. The cost of the goods sold was $12,000. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350. Question Content Area a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3, sale. If an amount box does not require an entry, leave it blank. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank.
What is the amount of net sales from the transactions on these financial accounting question?
On December 28, 20Y3, Silverman Enterprises sold $17,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,900. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,400 and the merchandise originally cost Silverman Enterprises $2,450. a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. 20Y3 Dec. 28 20Y3 Dec. 28 b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank. 20Y4 Jan. 3 20Y4 Jan. 3 c. Journalize the entry to record the receipt of the amount due by Beasley…