Please use the attached Excel document to complete this problem.Be aware that you are returning a few items on question #3 and you will be calculating the cash discount on #4 based on this new merchandise total. 1011878381323343538730Sold to: Sound Design36TargetElectronic Wholesalers1979 N.E. 123 StreetJacksonville, Florida 32204480 McDowell Rd.Phoenix, AZ 85008371314151617181920212223 1. Extend each line and calculate the merchandise total and the total amount of the invoice, using the space provided on the invoice.242526 2. What are the discount date and the net date if the shipment arrived on July 16?Invoice Date: June 28, 20xxTerms of Sale: 315, 30 ROGStock #DescriptionUnit Price50 x $297.50-Stereo Receivers4811V511CX Blu-ray Players 25 x $132.28=6146M Home Theater System: 40 x $658.12 -1031ALCD TVs20 × $59100 =Merchandise TotalInsurance + ShippingInvoice TotalAmount29 3. While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount of the returned merchandise? What is the revised merchandise total?$1,150.0035 5. If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due?4. What are the amount of the cash discount and the net amount due if the discount is taken?

Answered: Sold to Sound Design Target Electronic…

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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Please use the attached Excel document to complete this problem. Be aware that you are returning a few items on question #3 and you will be calculating the cash discount on #4 based on this new merchandise total.

10
11
8783813233435387
30
Sold to: Sound Design
36
Target
Electronic Wholesalers
1979 N.E. 123 Street
Jacksonville, Florida 32204
480 McDowell Rd.
Phoenix, AZ 85008
37
13
14
15
16
17
18
19
20
21
22
23 1. Extend each line and calculate the merchandise total and the total amount of the invoice, using the space provided on the invoice.
24
25
26 2. What are the discount date and the net date if the shipment arrived on July 16?
Invoice Date: June 28, 20xx
Terms of Sale: 315, 30 ROG
Stock #
Description
Unit Price
50 x $297.50-
Stereo Receivers
4811V
511CX Blu-ray Players 25 x $132.28=
6146M Home Theater System: 40 x $658.12 -
1031A
LCD TVs
20 × $59100 =
Merchandise Total
Insurance + Shipping
Invoice Total
Amount
29 3. While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount of the returned merchandise? What is the revised merchandise total?
$1,150.00
35 5. If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due?
4. What are the amount of the cash discount and the net amount due if the discount is taken?

Expert Solution

Step 1: Explain terms of payment

Terms of payment refers to details mentioning how and when the payments will be made for the sale or purchase of merchandise or services. When a sale is made to the customers, the invoice sent includes all the terms of payments. The customer is required to make payment as per the terms of payment mentioned on the invoice.

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