Homework Answers
discount date and net date.
Date of invoice is june 28 and terms of sale is 3% cash discount is offered if the invoice is paid 15 days after the end of the month of the invoice. Terms of sale starts from the end of the month of invoice.
Discount date = invoice date [EOM) + credit period
= june 30 + 15 days
= july 15
Net date = discount date + 20 days
= july 15 + 20 days
=august 4
thank you...
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please complete part C only! Thank you in advance! s Question Help Credit terms Purchases made...
please complete part C only!
Thank you in advance!
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June 18th
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The business uses a simplified specific identifica Cost of Goods Sold: u policy by applying a 48 percent The sales price is provided for studen markup to arrive at the actual sales price tbe for ea entification costing sale based on this markup policy. (HINT: This method to calculate the cos sold was introduced in Chapter 4.) combined local and state...
11
Complete the following by calculating the cash discount and net amount paid: Gross amount of invoice (freight charge already included) Freight charge Date of invoice Terms of invoice Date of payment Cash discount Net amount paid 700 None 1814 8/14 4/10, 3/15 n/30 4/10, 315, 11308/26 8/26
2. Explain the reason for using the perpetual net sales method of recording sales versus the gross sales method. Explain how a sale would be recorded with a discount on the seller's books (two journals). Give an example. Explain how a company records the payment of an invoice if the payment is received after the invoice discount date has past. Give an example.
please complete part C only!
Thank you in advance!
s Question Help Credit terms Purchases made on credited in by the end of the big period. Many forms extend a discount for payment made in the first part of the ring period. The original invoice contains type of shorthand nation that the creditors that apply. (Note Assume a 365-day year) a Write the short and expression of credit barns for each of the following b. For each of the set...
Save Question 8 (3 points) Find the net amount due on the following invoice. Pa discount date. Invoice amount without shipping: $3.961.50 Terms: 2/10, n/30 Trade discount rate: 10% Shipping Charges: $66.10 Question 8 options:
resolve
QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit. T T T Arial 3 (12pt) TEE P da QUESTION 16 10 p Goods that are in transit and were shipped FOB shipping point should be included in the inventory records of the T T T Arial 3 (12pt) QUESTION 17 Match the following terms with the appropriate definition 1. How many times a company turns over (sells) Gross...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $6,000 for $9,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $1,000 sales allowance. On April 10, Weston received payment from the customer. Calculate the amount of net sales revenue. A) $8,000 B)...
1. Rackley Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10,n/30, unless otherwise stated in the transaction): perpetual inventory system was adopted by Rackley Company in recording its inventory transactions. March 1 Received $87,200 of merchandise and an invoice dated March 1, terms 2/15, 1/30, from Fox Industries. 2. Sold merchandise on credit to Armand Leon. Invoice No. 854, for $33.600 (cost $16.800). 3. Purchased $2460 of office supplies on...
The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms
FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $75 was added to
the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB
destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice
amount of $1,500 returned...
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