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) $ 625 Freight charge None Date of invoice 8/10 Terms of invoice 5/10, 4/15, n/30 Date of payment 8/22 Cash discount Net amount paid

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) $ 625 Freight charge None Date of invoice 8/10 Terms of invoice 5/10, 4/15, n/30 Date of payment 8/22 Cash discount Net amount paid

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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An invoice received included the following information: merchandise price, $3,200; terms 1/10, n/eom; FOB shipping point with prepaid freight of $598. Assuming that a credit for merchandise returned of $600 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $600 b. $3,760 c. $3,200 d. $3,172
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Previous answer is incorrect and needed correct answer.
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Date of Gross amount of invoice (freight charge already included) Freight charge Terms of invoice Date of payment invoice None 8/14 4/10, 3/15, n/30 8/26 700 Cash discount Net amount paid
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Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Terms Payment (gross) a. $ 8,800 2/10, n/60 b. $ 25,700 1/15, n/90 C. $ 82,600 1/10, n/30 d. $ 19,500 3/15, n/45
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H1.
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