Important Note!Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem.Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount perioda.b.Merchandise(gross)$SC. $d.$7,80024,20080.60017,000Terms2/10, n/601/15, n/901/10, n/303/15, n/45Payment

Here given that principle of amount.due for payment is A. $7800 with the discount terms of…

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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.
Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount of Terms of Partial Credit for Net Invoice Sale Payment Partial Payment Amount Due $8,303.00 2/10, n/30 $2,600 $ 52 $ 5,651 Need Heln? Read It
please help keep getting wrong answers in blue For each case, provide the missing information. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.)
need help with this ASAP, thanks. A sales invoice included the following information: merchandise price, P12,000; transportation, P500; terms 2/10, n/30, FOB shipping point. Assuming that a credit for merchandise returned of P600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?
Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount of Invoice Terms of Sale Partial Credit for Partial Payment Net Payment Amount Due $5,998.20 4/15, n/60 $2,300 $
Activity 3. Comprehensive Problems. Solve the following problems below. Present your solutions in good format. For the next seven (6) items, use the information below: Debit Credit Account Title Sales 875,000 Sales Returns and Allowances Sales Discounts Purchases 12,000 10,000 295,000 Purchases Returns and Allowances 14,000 Freight in Merchandise Inventory, 1/1/2020 36,000 46,000 20,000 75,000 125,000 15,000 Merchandise Inventory, 12/31/2020 Freight Out Office Salaries Commission Expense 1. Net purchases for the period were 2. Cost of goods available for sale for the period were 3. Cost of goods sold for the period were 4. Net sales for the period 5. Gross profit for the period were 6. The Profit or Loss for the period. 7. The following data pertain to the two year operation of Despacito business: Year 1 P200,000 250,000 90,000 Despacito's gross profit for year 1 and year 2 is? Year 2 Sales P250,000 150,000 40,000 Purchases Ending inventory 8. The cost of sale is P250,000. Total…
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount of Terms of Cash Net Invoice Sale Discount Amount Due $9,010.20 4/10, n/30 180.204 $ 8829.996
6. When would you use the Cheque window in QuickBooks for inventory? (1 Point) When you have received the items and choose to pay later. When you are manually adjusting inventory quantities. ○ When you have received the items and choose to pay immediately. When you have received payment from customers
3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation - Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Delivery Expense General Expense Rent Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet 4 Net Income Depreciation Expense - Automobiles Depreciation Expense - Equipment Income Statement Debit Credit 45957- 4092- 75 316 20 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 Year…
A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100
https://www.bartleby.com/questions-and-answers/solve-the-following-ledger-please-1.-we-buy-goods-on-credit-for-dollar30000.00-we-pay-50percent-in-c/e657ebb4-e960-4a2c-81d5-b4ef23d6ba48 Solve the following ledger please 1. We buy goods on credit for $30,000.00, we pay 50% in cash, and the rest on credit. 2. We buy goods on credit for $150,000.00, we pay 50% in cash, 30% on credit and for the rest we sign a document. 3. On March 1, 2005, we bought merchandise for $65,000.00 and signed a document, for which they will charge us 1% per month. we paid on May 31, 2005. 4. On February 1, 2005, we took a loan from BBVA for the amount of $230,000.00, signing a promissory note at 17% per year for 60 days. the document was paid on March 31, its expiration date. (document with interest and document with discounted interest). 5. On June 1, 2004, we requested a loan from Mr. Adolfo López in the amount of $320,000.00, and we signed a promissory note at 15% per annum for 6 months. (both methods). 6. On…
Review the sales journal below. (Click the icon to view the sales journal.) Read the requirements. Requirement 1. Total each column of the sales journal. Date 2024 Jun. Jun. 1 8 101 Fletcher Jay 102 Iliana Flower 13 103 Jesse Thomas 28 104 George Westerberg 30 Totals 1. 2. Invoice No. Requirements 3. 4. Customer Account Debited Sales Journa Post. Accounts Receivable DR Ref. Sales Revenue CR Total each column of the sales journal. The following four-column accounts in the accounts receivable subsidiary ledger have been opened for you: Accounts Receivable-Flower; Accounts Receivable Jay; Accounts Receivable-Thomas; Accounts Receivable-Westerberg. Post the transactions to the accounts receivable subsidiary ledger. 1,260 2,225 360 900 Print The following selected four-column accounts in the general ledger have been opened for you: Accounts Receivable (112); Merchandise Inventory (118), Bal. $4,800; Sales Revenue (411); Cost of Goods Sold (511). Post the total of each column to the general…

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