A local Sports Authority ordered 50 pairs of tennis shoes from Nike Corporation. The shoes were priced at $85 for each pair with thefollowing terms: 4/10, 2/30, n/60. The invoice was dated October 15. Sports Authority sent in a payment on October 28. What shouldhave been the amount of the c ck? (Do not round intermediate calculation.)Amount of the check

In this scenario, we will calculate the amount that the local Sports Authority should have paid to…

Answered: A local Sports Authority ordered 50…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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a local shoe outlet ordered 30 pairs of tennis shoes from nike corporation. The shoes were priced at $75 for eaxh pair with the following terms: 4/10, 2/30, n/60. The invoice was dated october 15. The store sent in a payment on October 28. What should have been the amount of the check?
On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were 3/10, n/30. On March 24, Gunderson sent an $8,320 partial payment. What is the outstanding amount due on this invoice? What is the outstanding on this invoice?
On March 1, Bates Board Shop sells 351 surfboards to a local lifeguard station at a sales price of $303 per board. The cost to Bates is $158 per board. The terms of the sale are 5/15, n/30, with an invoice date of March 1. If the customer made the payment on March 20, how much cash did Bates Board Shop receive? Round to the nearest penny, two decimal places.
Saved A local Sports Authority ordered 50 pairs of tennis shoes from Nike Corporation. The shoes were priced at $85 for each palf with the following terms: 4/10, 2/30, n/60. The invoice was dated October 15. Sports Authority sent in a payment on October 28 What shsuld have been the amount of the check? (Do not round intermediate calculation.) Amount of the check 50 Mc Graw Hill 298 14 F3 17 & @ %23 %24 % 6. 8. 2 4 T. Q W F A S C V command MOSISO and
Stacy's Dress Shop received a $1,230 invoice dated July 26 with 4/10, 3/15, n/60 terms. On August 09, Stacy's sent a $260 partial payment. (If more than one discount, assume date of last discount.) a. What credit should Stacy's receive? Note: Round your answer to the nearest cent. Credit Answer is complete and correct. $ 268.04 b. What is Stacy's outstanding balance? Note: Round your answer to the nearest cent. Answer is complete but not entirely correct. $ 962.00 X Outstanding balance
Stacy's Dress Shop received a $1,230 invoice dated July 26 with 4/10, 3/15, n/60 terms. On August 09, Stacy's sent a $260 partial payment. (If more than one discount, assume date of last discount.) a. What credit should Stacy's receive? Note: Round your answer to the nearest cent. Credit b. What is Stacy's outstanding balance? Note: Round your answer to the nearest cent. Outstanding balance
Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is located. In a recent month, Wilson issued $4,000 in gift cards. Experience indicates that 80 percent of the cards will be redeemed before they expire. Required: What is the entry to record the estimated gift card expense? If an amount box does not require an entry, leave it blank.
Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a $2,000 partial payment. a) By what date must the partial payment be sent to take advantage of the cash discount? b) What is the net date? c) If partial payment was sent by the discount date, what is the balance still due on the order?
Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10, Stacy's sent a $261 partial payment. (If more than one discount, assume date of last discount) a. What credit should Stacy's receive? (Round your answer to the nearest cent.) Credit 24 b. What is Stacy's outstanding balance? (Round your answer to the nearest cent.) Outstanding balance 2$
Jangles Corporation received a $20,000 invoice dated March 3. The Cash discount terms were 3/10, n/30. On March 10, Jangles sent a $12,000 partial payment. What credit should Jangles receive for this partial payment?
A customer purchased P5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and mailed a P5,000 check on September 30. Discount Paper Supply received the check on October 4. In recording this transaction, Discount Paper Supply should credit Sales Revenue for P5,000 on _____
On January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000 invoice was dated May 22, and included credit terms of 1/10, n/45. On January 25, the customer returned P600 of the merchandise because it was defective. How would this transaction be recorded in Jema's cash receipts journal?

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