ow much were the discounts lost? epson Company is specializing on sale of printers and related gadgets, including ink cartridges. Their es of merchandise include all brands, whether high-end or low-end product, catering to both individua nd institutional users of the products. During the year, selected transactions relating to its purchases llow: urchases of Bro printers from Metro Pacific Company urchases of Howlet printers from Ayaling Corporation urchases of ink cartridges from Metro Pacific Company P 836,0 524,5 180,0 erms of Metro Pacific Company and Ayaling Corporation are as follows: etro Pacific Company -3/10, net/30 valing Corporation - 2/10, n/30 uring the year, the company received credit memoranda for defective merchandise returned as follows Il returns and allowances took place within five days of purchases and prior to any navment of accour
ow much were the discounts lost? epson Company is specializing on sale of printers and related gadgets, including ink cartridges. Their es of merchandise include all brands, whether high-end or low-end product, catering to both individua nd institutional users of the products. During the year, selected transactions relating to its purchases llow: urchases of Bro printers from Metro Pacific Company urchases of Howlet printers from Ayaling Corporation urchases of ink cartridges from Metro Pacific Company P 836,0 524,5 180,0 erms of Metro Pacific Company and Ayaling Corporation are as follows: etro Pacific Company -3/10, net/30 valing Corporation - 2/10, n/30 uring the year, the company received credit memoranda for defective merchandise returned as follows Il returns and allowances took place within five days of purchases and prior to any navment of accour
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![How much were the discounts lost?
Hepson Company is specializing on sale of printers and related gadgets, including ink cartridges. Their
lines of merchandise include all brands, whether high-end or low-end product, catering to both individual
and institutional users of the products. During the year, selected transactions relating to its purchases
follow:
Purchases of Bro printers from Metro Pacific Company
Purchases of Howlet printers from Ayaling Corporation
Purchases of ink cartridges from Metro Pacific Company
P 836,000
524,500
180,000
Terms of Metro Pacific Company and Ayaling Corporation are as follows:
Metro Pacific Company-3/10, net/30
Ayaling Corporation - 2/10, n/30
During the year, the company received credit memoranda for defective merchandise returned as follows:
(All returns and allowances took place within five days of purchases and prior to any payment of account)
Metro Pacific Company
Ayaling Corporation
P 52,000
28,500
Total cash discounts taken during the year amounted to P22,180.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc01a3c17-09b4-4283-b6b5-01cddbdae950%2Fbd57c4f8-7ee7-47b6-9987-9aba1d09e5ce%2F904z68i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:How much were the discounts lost?
Hepson Company is specializing on sale of printers and related gadgets, including ink cartridges. Their
lines of merchandise include all brands, whether high-end or low-end product, catering to both individual
and institutional users of the products. During the year, selected transactions relating to its purchases
follow:
Purchases of Bro printers from Metro Pacific Company
Purchases of Howlet printers from Ayaling Corporation
Purchases of ink cartridges from Metro Pacific Company
P 836,000
524,500
180,000
Terms of Metro Pacific Company and Ayaling Corporation are as follows:
Metro Pacific Company-3/10, net/30
Ayaling Corporation - 2/10, n/30
During the year, the company received credit memoranda for defective merchandise returned as follows:
(All returns and allowances took place within five days of purchases and prior to any payment of account)
Metro Pacific Company
Ayaling Corporation
P 52,000
28,500
Total cash discounts taken during the year amounted to P22,180.
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