**Educational Content: Calculating Trade Discounts and Invoice Totals**In this exercise, a certain appliance store is purchasing multiple items. You are tasked with calculating the extended total after applying trade discounts for each line item. The subsequent steps involve determining the invoice subtotal, applying a volume discount, and calculating the final invoice total. Round your answers to the nearest cent.**Table Breakdown:**1. **Columns and Headers:** - **Quantity**: Number of units ordered for each item. - **Unit**: Measurement type (each or dozen). - **Merchandise**: Name of the item being purchased. - **Unit List**: Original price per unit before discounts. - **Trade Discounts**: Presented as a series of percentages. - **Extended Total**: Final cost after all discounts for the particular line item.2. **Rows (for each item):** - **Blenders**: - Quantity: 150 each - Unit List Price: $49.95 - Trade Discounts: 20%, 15%, 15% - Extended Total: $4303.67 (calculated) - **Toasters**: - Quantity: 300 each - Unit List Price: $38.88 - Trade Discounts: 20%, 10%, 10% - Extended Total: (to be calculated) - **Coffee Mills**: - Quantity: 18 dozen - Unit List Price: $244.30 - Trade Discounts: 30%, 9%, 6% - Extended Total: $2633.08 (calculated) - **Juicers**: - Quantity: 12 dozen - Unit List Price: $420.00 - Trade Discounts: 25%, 10%, 5% - Extended Total: (to be calculated)3. **Invoice Calculations:** - **Invoice Subtotal**: Sum of all Extended Totals. - **Extra Volume Discount**: $5\frac{1}{2}\%$ applied to the total order. - **Invoice Total**: Subtotal minus the volume discount.**Instructions for Calculation:**- Apply trade discounts in sequence to the unit list price for each item to find the extended total.- Sum all extended totals for the invoice subtotal.- Calculate and subtract the volume discount from the subtotal

Trade discount A trade discount is a reduction in the list price of a product or service that is…

Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List 150 300 18 12 Blenders Toasters doz. Coffee Mills ea. $49.95 $38.88 $244.30 30/9/6 $420.00 25/10/5 Invoice subtotal Extra 5-1% volume discount on total order ea. Trade Discounts 20/15/15 20/10/10 $[ doz. Juicers Invoice total Extended Total $4330.67 $ 2633.08 $ x

Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List 150 300 18 12 Blenders Toasters doz. Coffee Mills ea. $49.95 $38.88 $244.30 30/9/6 $420.00 25/10/5 Invoice subtotal Extra 5-1% volume discount on total order ea. Trade Discounts 20/15/15 20/10/10 $[ doz. Juicers Invoice total Extended Total $4330.67 $ 2633.08 $ x

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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es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…
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Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Trade Extended Quantity Unit Merchandise Unit List Discounts Total 150 Blenders $49.95 20/15/15 2$ ea. 400 ea. Toasters $37.88 20/10/10 $ 18 doz. Coffee Mills $244.30 30/9/6 $ 12 doz. Juicers $440.00 25/10/5 $ Invoice subtotal Extra 5-% volume discount on total order 24 Invoice total $
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
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Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Trade Extended Quantity Unit Merchandise Unit List Discounts Total 150 Blenders $39.95 20/15/15 24 ea. 400 ea. Toasters $37.88 20/10/10 2$ 18 doz. Coffee Mills $244.30 30/9/7 2$ 12 doz. Juicers $440.00 25/10/5 2$ Invoice subtotal 2$ Extra 5% volume discount on total order $ Invoice total 2$
Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Trade Extended Quantity Unit Merchandise Unit List Discounts Total 150 ea. Blenders $39.95 20/15/15 $ 300 ea. Toasters $38.88 20/10/10 18 doz. Coffee Mills $244.30 30/9/6 12 doz. Juicers $480.00 25/10/5 Invoice subtotal Extra 5- % volume discount on total order - Invoice total %24 %24 %24 24
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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.
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