FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paidby Seller Freight Terms Returns andAllowances a. $13,200 $215 FOB Shipping Point, 1/10, net 30 $1,300 b. $10,400 $56 FOB Destination, 2/10, net 45 $2,300arrow_forwardssarrow_forwardDetermine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Freight Paid Returns and Merchandise by Seller Freight Terms Allowances a. $11,200 $224 FOB Shipping Point, 1/10, net 30 $1,100 b. $3,900 $56 FOB Destination, 2/10, net 45 $900 a. 2$ b.arrow_forward
- Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) 650 Freight charge None Date of invoice 8/6 Terms of invoice 3/10, 2/15, n/30 Date of payment 8/17 Cash discount Net amount paidarrow_forwardA sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O $11,800 O $12,236 O S2400 O $9,866 Previous Next 6:28 PM 3/22/20 38) IIarrow_forwardPurchases Transactions Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans Company returmed $1,700 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Barans Company to record the returm? Merchandise Inventory varrow_forward
- Please help me. Thankyou.arrow_forwardCompute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. a. b. C. d. Merchandise (gross) $ $ $ $ 5,800 21,200 76,600 12,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 Paymentarrow_forwardDetermine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Credit for Freight Refunds and Merchandise Paid by Seller Freight Terms Allowances $6,300 $600 FOB shipping point, 2/10, n/30 $1,550 a. b. 2,900 600 FOB destination, 1/10, n/30 1,200 a. $ b. $arrow_forward
- A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom; FOB shipping point with prepaid freight of $496 added to the invoice. Assuming that a credit for merchandise returned of $1,800 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller?arrow_forwardDetermining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances a. $17,000 - FOB destination, n/30 $900 b. 10,300 $400 FOB shipping point, 1/10, n/30 1,200 c. 6,300 - FOB shipping point, 1/10, n/30 600 d. 2,500 100 FOB shipping point, 2/10, n/30 400 e. 1,700 - FOB destination, 2/10, n/30 - a. $ b. $ c. $ d. $ e. $arrow_forwardDetermining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: Merchandise Freight Paid by Seller Customer Returnsand Allowances a. $17,200 - FOB destination, n/30 $900 b. 11,400 $500 FOB shipping point, 2/10, n/30 1,400 c. 8,100 - FOB shipping point, 1/10, n/30 700 d. 3,700 100 FOB shipping point, 1/10, n/30 500 e. 2,500 - FOB destination, 1/10, n/30 - a. $ b. $ c. $ d. $ e. $arrow_forward
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