Question 9 of 9 Brimstone Co. purchased 1,815 items at $8.62 each less trade discounts of 31%, 10%. On July 10, 2021, it received an invoice dated July 6, 2021 with terms 2/15, n/40. a. How much was the invoice? Round to the nearest cent b. What was the final date to take the discount? July 10, 2021 August 15, 2021 September 14, 2021 July 21, 2021 c. How much must you remit within the discount period to pay the invoice in full? Round to the nearest cont

Question 9 of 9 Brimstone Co. purchased 1,815 items at $8.62 each less trade discounts of 31%, 10%. On July 10, 2021, it received an invoice dated July 6, 2021 with terms 2/15, n/40. a. How much was the invoice? Round to the nearest cent b. What was the final date to take the discount? July 10, 2021 August 15, 2021 September 14, 2021 July 21, 2021 c. How much must you remit within the discount period to pay the invoice in full? Round to the nearest cont

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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Remember order of discounts (TD à QD à CD) The vendor shipped and invoiced the following goods on June 7: 200 folding chairs at $50 list price. Trade discounts were 40% and 5%; and a 2% quantity discount for an order of 200 or more folding chairs was provided by the vendor. Invoice dating and cash discount terms were determined at 5/20, EOM. What is the trade discount$ for the entire merchandise? What is the quantity discount$ for the entire merchandise? What amount must be remitted to the vendor if the invoice is paid on July 15?
21-The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Credit period c. Discount period d. Trade discount
E 7-8 Sales returns ⒸLO7-4 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $300,000. During 2024, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at…
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Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…