Homework Answers
Solution:
Option A: $108000
Workings:
$15000*80%*90% = $108000
Hope this helps! In case of any doubts kindly use the comment section.
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Skysong Co. purchased goods with a list price of $185,700,
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goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
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13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
UV5 LUGLU el queLUI SUVES SUSC. Question 37 2 points Save Answer Simonic Retailers accepted $90,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Simonic Retailers will include a credit to Sales Revenue of $90,000 and a debit(s) to Cash $86,400 and Interest Expense $3,600. Accounts Receivable $86,400 and Service Charge Expense $3,600. Accounts Receivable $90,000. Cash $86,400 and Service Charge...
QUESTION 1 1 points Save Answer C Cloete purchased inventory marked at R480 and qualified for 5% cash discount. Calculate the cash received by the business? Provide only the correct answer, rounded to the nearest R1, with no "R" sign in front. QUESTION 2 1 points Save Answer A client, P Joynt, paid R980 for goods after receiving 2% trade discount. Calculate the amount that another customer would pay who did not qualify for the disocunt? Only provide the correct...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Skysong Co. purchased goods with a list price of $185,700,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Skysong Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end...
0.90 points The following transactions were selected from among those completed by Cadence Retailers in 2013 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,500 (total); terms 2/10, 25 Sold two items of merchandise to Customer C, who charged the $600 sales price on 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total); terms 29 Customer D returned one of the items purchased on the...
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Question 48 (2 points) Pumpkin Head purchased $3,000 of merchandise from Jones Corp. on account. Pumpkin Head paid within ten days when the terms were 1/15 n/30. Record the journal entry for the payment by Pumpkin Head which uses the perpetual inventory system (note this is paid within the discount period -- unlike the horrible question on your review). 3,000 3,000 Accounts Payable Cash Accounts Receivable Merchandise inventory Cash 3,000 30 2,970 Cash 3,000 3,000 Accounts Payable Accounts Payable Merchandise...
A buyer places an order for the following items. The merchandise cost is list price less a trade discount of 30% and 15%. Calculate the cost to be paid for the entire purchase order. units list Item purchas ed cost sweaters $35.00 skirts $25.00 jackets 36 $75.00 72 48 An invoice for men's wallets is dated February 7 with terms of 8/10, net 30. The total billed cost of the merchandise is $12,000.00 How much should be paid if the...
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