D. $168
Implicit Interest = Purchases * Discount Rate
Implicit Interest = $16,800 * 0.01
Implicit Interest = $168
McCallister's just purchased $16,800 worth of inventory. The terms of the sale were 1/10, net 30....
McCallister's just purcahsed $15,500 worth of inventory . The terms of the sale were 1/10, net 30. What is the implicit interest ? McCallister's just purchased $15,600 worth of inventory. The terms of the sale were 1/10, net 30. What is the implicit interest? Multiple Choice Ο $140 Ο $166 Ο S176 Ο S146
McCallister's just purchased $16,600 worth of inventory. The terms of the sale were 2/10, net 40. What is the implicit interest?
If Bounder Dog Supplies, Inc. purchased inventory at $1,850 list price and the terms were 4/10, n/30, what would be the value associated with the inventory if payment was made within 10 days? Multiple Choice $1,850. $1,924. $1,801. $1,776.
2. If Bounder Dog Supplies, Incorporated purchased inventory at $1,600 list price and the terms were 2/10 n/30, what would be the value associated with the inventory if payment was made within 10 days? Multiple Choice $1,600. $1,632. $1,579. $1,568.
4. On February 5th, Elsinore purchased $4,000 worth of inventory on account on terms of 1/10, n/30 from the Grimace Company Account5. on February 8th. Elsinore returned $300 worth of inventory to Grimace in exchange for a reduction in the amount that it owes 6. On February 14th, Elsinore paid Grimace the amount it owed and took advantage of the purchase discount.
The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $670 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. Record the sale of merchandise on account. Record the cost of goods sold. Record any necessary adjusting entry when the inventory on hand at the end...
A company purchased $2,300 of merchandise on July 5 with terms 1/10, 1/30. On July 7, it returned $700 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: Multiple Choice $700 $2,027 o $1584 a $1,600 $2,300
The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $670 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. Record the sale of merchandise on account. Record the cost of goods sold. Record any necessary adjusting entry when the inventory on hand at the end...
A company purchases inventory on account for $45,000 with terms 2/10, n/30. Under the net method of accounting for purchases, the purchase would be recorded at: Multiple Choice Ο $36,000. Ο $40,500. Ο $45,000. Ο $44,100.
ABC Co. purchased inventory that cost $5,000 under terms 2/10, n/30. The inventory was delivered under terms FOB destination. ABC paid for the inventory within ten days. ABC sold the goods on account for $6,500, freight terms FOB destination. Freight costs of $160 were paid in cash. ABC would report net income on its income statement of Group of answer choices a. $1,190. b. $1,350. c. $1,440. d. $1,600.