Question

wered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The cost of the merchandise sold
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Gross sales After providing allowance for return = Sales before allowance for return - allowance provided =$17000 -$1750 =$15250

Net Sales = Gross sales after allowance - Discount provided

=$15250 - $305 (2℅ of $15250)

=$14945

Option (C) is correct.

Add a comment
Know the answer?
Add Answer to:
wered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 4 Not yet answered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms...

    Question 4 Not yet answered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, nel 45. The cost of the merchandise sold is $15,400. Travelli Co issued an allowance for $1,750 for merchandise returned that onginally cost $1,400. Trapani Co. paid the invoice within the discount period. What is amount of net sales from the above transactions? Marked out of 2.50 P Flag question Select one A $17,000 B. $15,250 C. $14,945 D. None of these choices...

  • Question 3 Anderson's Soccer Ball Company uses a perpetual inventory system. The beginning balance in its...

    Question 3 Anderson's Soccer Ball Company uses a perpetual inventory system. The beginning balance in its Inventory account is $3,500, and the ending balance is $2,000. Cost of goods sold is $6,500. What was the amount of inventory purchased during the year? Not yet answered Marked out of 2.50 P Flag question Select one A $5,000 B. $8,000 C. $1.000 D. $2.500 Question 4 Not yet answered Travel Co. sold merchandise to Trapani Co on account. $17.000, terms 2/15, net...

  • Abbey Co. sold merchandise to Gomez Co. on account, $31,100, terms 2/15, net 45. The cost...

    Abbey Co. sold merchandise to Gomez Co. on account, $31,100, terms 2/15, net 45. The cost of the merchandise sold was $13,900. Abbey Co. issued a credit memo for $3,400 for merchandise returned that originally cost $1,400. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Coon the above transactions? Ca. $30,478 . $27,146 c. $14,646 d. $3,400

  • Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The...

    Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The cost of the merchandise sold was $13.700. Abbey Co, issued a dedi memo for $4,000 for merchandise returned that originally cost $1,100. Gomez Co, paid the invoice within the discount period. What is the amount of groot profit earned by Abbey Co. on the above transactions? Oa. $29,400 Ob. $16,800 Oc. $4,000 Od. $33,320

  • Abbey Co. sold merchandise to Gomez Co. on account, $34,500, terms 2/15, net 45. The cost...

    Abbey Co. sold merchandise to Gomez Co. on account, $34,500, terms 2/15, net 45. The cost of the goods sold was $15,336. Abbey Co. issued a credit memo for $1,100 for merchandise returned that originally cost $1,217. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $19,691 $14,119 $15,673 $4,100 (Ctrl) x N O P

  • Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,900, terms 2/15, net 30. The...

    Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,900, terms 2/15, net 30. The cost of the merchandise sold is $20,930. Abbey Co. issued a credit memo for $2,500 for merchandise returned that originally cost $1,800. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? The net income is s

  • 1.Abbey Co. sold merchandise to Gomez Co. on account, $33,000, terms 2/15, net 45. The cost...

    1.Abbey Co. sold merchandise to Gomez Co. on account, $33,000, terms 2/15, net 45. The cost of the merchandise sold was $13,700. Abbey Co. issued a credit memo for $3,200 for merchandise returned that originally cost $1,500. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? 2.Using the following information, what is the amount of net income? Purchases $ 29,425 Selling expenses $ 751 Merchandise...

  • 4. Abbey Co. sold merchandise to Gomez Co, on account. $33,000, terms 2/15, net 45. The cost of the merchandise s...

    4. Abbey Co. sold merchandise to Gomez Co, on account. $33,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co, issued a credit memo for $2,800 for merchandise returned that originally cost $1,500. Journalize the above transactions for Abbey Co.

  • Sampson Co. sold merchandise to Batson Co. on account, $36,900, terms 2/15, net 45. The cost...

    Sampson Co. sold merchandise to Batson Co. on account, $36,900, terms 2/15, net 45. The cost of the merchandise sold is $27,675. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above.

  • a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b....

    a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b. The cost of the merchandise sold is $22,425. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. Accounts Payable-Batson Co. Sales b. Cost of Merchandise Sold Merchandise Inventory C Sales Accounts Receivable-Batson Co. Prepare the entries that Batson Co. would...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT