As part of the employment interview for an accounting job at Sound Design, you havebeen asked to answer the questions below, based on an invoice from one of SoundDesign's vendors, Target Electronic Wholesalers.a. Extend each line and calculate the merchandise total and the total amount of theinvoice, using the space provided on the invoice.Sold to:Quantity:50254020StereoMaster Stores480 McDowell Rd.Phoenix, AZ 85008Stock:4811V511CX6146M1031AROG Date No. of Discount Days15-Mar28ELECTRONIC WHOLESALERS1979 N.E. 123 StreetJacksonville, Florida 32204Blue-ray playersLCD TVsReturned MerchandiseTARGETb. What are the discount date and the net date if the shipment arrived on July 16?Discount Date28-JulRevised Merchandise Total 57476.8Quantity Cost Ea54Partial payment credit =Description:AM-FM Stereo ReceiversRevised Total Discount Cash discount$54,451.40Invoice Date:Blue-ray PlayersHome TheatersLCD TVsTerms of Sale:c. While in transit, five Blu-ray players and four LCD TVs were damaged and will bereturned. What is the amount of the returned merchandise? What is the revised merchandise total?$132.28$591.00Total$661.40$2,364.00$3,025.40$54,451.40d. What are the amount of the cash discount and the net amount due if the discount istaken?3025.4June 28, 200x3/15,n/30 ROGMerchandise TotalInsurance & Freight chargesInvoice TotalUnit Price:$297.50e. If Sound Design sends in a partial payment of $20,000 within the discount period,what is the net balance still due?$54,451.40 Merchandise totalCash discount$1,150.00 Insurance and shippingNet amount due132.28658.12591.00ROG Date No. of Net Daysn/3048Merchandise totalPartial payment credit$1,150.00 Insurance and shippingNet balanceAmount:$14,875.00$3,307.00$26,324.80$11,820.00$56,326.80$1,150.00$57,476.80Net Date17-Aug

The inventory that is sold or distributed and that has been purchased as finished goods or requires…

1. What are the amount of the cash discount and the net amount due if the discount is Caken? Revised Total Discount Cash discount $54,451.40 $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? Partial payment credit = Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance

1. What are the amount of the cash discount and the net amount due if the discount is Caken? Revised Total Discount Cash discount $54,451.40 $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? Partial payment credit = Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance

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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