A sala set priced at P 2,250 was offered to a retailer with a discount of P 350.00. What was the rate of trade discount?
Q: An item retailing for P10,000, subject to a trade discount of 25%, is paid for within the discount…
A: Here the terms 2/10,n/30 means 2% cash discount will be provided if payment has made with in 10…
Q: A boutique buys some merchandise with a list price of $3,800. If the wholesaler extends a 30% trade…
A: Trade discount is the rate by which list price is reduced.
Q: Given credit terms of 3/10, n/30 on a sale of $2,000, calculate the sales discount, assuming payment…
A: credit terms: 3/10 - means 3% discount given if payment is made within 10 days
Q: The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30. How…
A: Purchase discount is a discount provided by the seller if payment is made within a specific period…
Q: A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24%…
A: Formula: Cash discount amount = Invoice amount x Discount rate
Q: Calculate the single equivalent discount and amount of trade discount on merchandise listing for…
A: Discount means the amount which is not required to be paid or received. 30/10/5 means that 30%…
Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…
A: Trade discount is that discount which is being given to all the customers on the list price of the…
Q: You buy goods at a list price of $820. If you receive a trade discount of 25% and terms are “2/15,…
A: Term discount indicates that if the due amount is paid within the time specified in the term then…
Q: Merchandise with a sales price of $5,600 is sold on account with terms 2/10, n/30. The journal entry…
A: The credit sales represent the sales transaction made by the corporation on the account of the…
Q: Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry…
A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount
Q: Winter Company received quotations from two entities for an item of merchandise as follows: From…
A: Trade discount and cash discount are two different types of discount offered by seller to the buyer.…
Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…
A: The discount can be of different types as trade discount and cash discount. The trade discount is…
Q: A retailer paid P991.20 less for a bill of goods amounting to P3,540 after he was allowed a trade…
A: Trade discount is the amount of discount allowed by the wholesaler of the goods on the sales made by…
Q: Oliver Valenzuela Traders purchased merchandise from San Jose suppliers for P3,600 list price,…
A: Amount of Payment to seller = Cost of goods purchased- Trade discount- cash discount- a cost paid on…
Q: Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30.…
A: CALCULATION OF AMOUNT : $60,000 - 2% DISCOUNT = $58,800
Q: JIH took delivery of merchandise invoiced at $24,600.00 with terms cash 6, 2/40, n/60. Calculate the…
A: The interest is calculated based on certain terms and conditions. The payment is depends on time…
Q: A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale…
A: Discount amount = Invoice amount x discount rate = $12,800 x 5% = $640
Q: you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated…
A: List Price = $455 Trade Discount = 25% Invoice Date= October 3 Credit Terms = 3/15, n/45
Q: Main Street Distributors, a wholesale firm, made sales using the following list prices and trade…
A: Trade discount is a type of discount which is provided on list price of the product. This type of…
Q: If merchandise is sold on account to a customer for 1000 terms FOB shipping point, 1/10, n/30 and…
A: Discount on merchandise is given by the seller to buyer, when the seller repay the credit early or…
Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…
A: Sales discount = $1,100 x 2% Sales discount = $22
Q: Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of…
A: Given, Invoice price = $13,100 Terms = 2/10, n/30
Q: A flat TV which was listed at P 21,000 was offered to a customer for P 17,800. Find the rate of…
A: Trade discount rate is the rate by which manufacturer of a product reduce price of that product.…
Q: (Olympia Company sold merchandise on credit with a list price of $70,000. Terms were 2/10, n/30.…
A: Net amount to pay = 70,000 * ( 1 - 0.02 ) = 68,600
Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…
A: Discount on sales value: When the customer pays the amount within discount period then customer is…
Q: On March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…
A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…
Q: Winter Company received quotations from two entities for an item of merchandise as follows: From…
A: Credit terms 2/10, n/30 means that customer will get a discount of 2%, if payment is being made in…
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Given: Price of the invoice = $ 19,700 Partial payment = $ 10,800 Sales term = 515,n45
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,881. The retailer…
A: The amount should be debited to inventory account = ( List price - Trade discount ) - term discount…
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,684. The retailer…
A: Cost of Inventory Purchased = List Price - Trade Discount - Cash Discount
Q: A wholesaler gives trade discounts 30%, 11% and 3% to his regular customers. a) Find the single…
A: Trade discount is that discount which is given to all the customers on the list price of the…
Q: You purchase goods with a net price of $240. The invoice is dated October 7 with terms of 3/20,…
A: (a) Cash discount = Net price * Cash discount percentage Cash discount = $240 * 0.03 Cash discount =…
Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…
A: The cash discount would be calculated on the amount, after deducting the trade discount from list…
Q: What is the single equivalent discount and amount of trade discount on merchandise listing for…
A: In this we have to determine the equivalent discount.
Q: Merchandise with a list prike of P 20,000 was purchased under the terms 2/10, n/30 vith trade…
A: Purchase term: 2/10, n/30 means if payment is made within 10 days from Invoice date, a discount of…
Q: A business supply store bought some merchandise with a list price of $13,600. The wholesaler…
A: The discount given by seller to buyer at the time of purchase of goods is called as trade discount.…
Q: A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are…
A: The net cost of goods sold if payment made within discount period is 78,400 Net Cost of Goods…
Q: A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale…
A: 6/20 net 30 means that 6 percent discount will be given if payment is made with in 20 days and no…
Q: If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30,…
A: Lets understand the basics. Seller for attracting early payment, gives the discount term to the…
Q: If a retailer paid RO 280 after a discount of RO 70 on the list price, the list price and rate of…
A: List price = Amount paid + discount amount = RO 280 + RO 70 = RO 350
Q: In the event of 12.12 Grand Sale, Agigas warehouse gave trade discounts 40%,10% and 2% to their shop…
A: Let the single discount equivalent to given trade discounts = d
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Purchases are recorded net of discount which means Accounts payable will be recorded as net of…
Q: A retailer obtains a 21% retail discount, a 15% wholesale discount and 5% volume discount. The…
A: Net Price For Calculating the Net Price after discount first to taken the Discounted Price and…
Q: An item listed for 4,000 has been given trade discounts of 30%, 20%, and 10% by the manufacturer. 1.…
A: Solution:- Trade discount means the amount of discount on the list price of a commodity.
Q: if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and…
A: Discount for early payment is allowed when the customer pays off an amount in a given time period as…
A sala set priced at P 2,250 was offered to a retailer with a discount of P 350.00. What was the rate of trade discount?
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- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $20,100. What is the amount of sales discount allowable?
- What is the amount of the trade discount on merchandise that a vendor can receive with a list price of $7,900 and a trade discount rate of 30 1/2%Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are 2/10, n/30. What is the net cost of the goods assuming that if the retailer made the payment within the discount period?
- The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Trade discount c. Discount period d. Credit periodA flat TV which was listed at P 21,000 was offered to a customer for P 17,800. Find the rate of trade discountThe amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.
- Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?Question :) The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a $24. b.$30. c.$29.40. d.$21. e.$450.Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit