Chapter 20, Problem 24QS

Summit Furniture shipped out an order on April 5th (FOB destination) for a total of $32,500.00. The terms of payment are 3/10, net 40. The order arrived on April 6th. On April 7th, the customer returned $3,800.00 worth of items due to damage. On April 9th, a credit of $5,000.00 was granted for minor defects, but the customer kept the items. The customer paid the invoice on April 12th. What is the balance in the Accounts Receivable (AR) account on April 8th?

General accounting question

A promissory note has the following details: Principal: $5,000 . Term: 90 days . Interest: $150 Find the interest rate (Assume a 360- day year).

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Not use ai solution please and accounting question

Accounting

ABC Corporation had net sales of $2,000,000 for the year, and the cost of goods sold was $1,550,000. a. Calculate the gross profit and the gross profit ratio for the year.

I don't need ai answer general accounting question

A CPA audits the financial statements of an issuer. Which statement relating to CAMs is TRUE?a. If the auditor determines that no CAMs existed, the audit report includes a paragraph defining CAMs and stating that no Cams existed.b. CAMs are not required to be communicated to the TCWG (Audit Committee).c. CAMs usually alter the opinion on the financial statements.d. CAMs involve matters of most significance to the audit.e. The paragraph discussing a discovered CAM should not include how the CAM was addressed in the audit.