Returned guy A cellular company purchased $26,600 in cell phones on April 25. The terms of sale were 4/20, 3/30, n/60. Freight terms were F.B.B. (a) What is the net amount due (in $) if the cellular company sends the manufacturer a partial payment of $4,000 on May 20? (Round your answer to the nearest cent.) $ (b) What is the net date? -Select- (c) If the manufacturer charges a 4. % late fee, how much (in $) would the cellular company owe if it did not pay the balance by the net date? (Round your answer to the nearest cent. 2

Returned guy A cellular company purchased $26,600 in cell phones on April 25. The terms of sale were 4/20, 3/30, n/60. Freight terms were F.B.B. (a) What is the net amount due (in $) if the cellular company sends the manufacturer a partial payment of $4,000 on May 20? (Round your answer to the nearest cent.) $ (b) What is the net date? -Select- (c) If the manufacturer charges a 4. % late fee, how much (in $) would the cellular company owe if it did not pay the balance by the net date? (Round your answer to the nearest cent. 2

Name: A cellular company purchased $26,600 in cell phones on April 25. The
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Description: A cellular company purchased $26,600 in cell phones on April 25. The terms of sale were 4/20, 3/30, n/60. Freight terms were F.O.B. destination. Returned goods amounted to $650.(a) What is the net amount due (in $) if the cellular company sends the

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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A cellular company purchased $26,600 in cell phones on April 25. The terms of sale were 4/20, 3/30, n/60. Freight terms were F.O.B. destination. Returned goods amounted to $650.
(a) What is the net amount due (in $) if the cellular company sends the manufacturer a partial payment of $4,000 on May 20? (Round your answer to the nearest cent.)
$
(b) What is the net date?
-Select-
(c) If the manufacturer charges a 4% late fee, how much (in $) would the cellular company owe if it did not pay the balance by the net date? (Round your answer to the nearest cent.)
2

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