Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers.
Invoice
Stock # | Description | Unit Price | Amount |
---|---|---|---|
4811V | Stereo Receivers | 50 ✕ $293.50 = | _______________________ |
511CX | Blu-Ray Players | 25 ✕ $136.28 = | _______________________ |
6146M | Home Theater Systems | 40 ✕ $656.12 = | _______________________ |
1031A | LCD TVs | 20 ✕ $594.00 = | _______________________ |
Merchandise Total | _______________________ | ||
Insurance + Shipping | $1,250.00 | ||
Invoice Total | _______________________ |
An invoice. The top of the invoice is divided into several distinct sections.
- The first section is located in the top left of the invoice, is unlabeled, and contains an image of a target with an arrow in the center of the target.
- The second section is located in the top center of the invoice, is unlabeled, and contains "Target Electronic Wholesalers 1979 N.E. 123 Street Jacksonville, FL 32204."
- The third section is located below the first, is labeled "Sold To:," and contains "Sound Design 480 McDowell Rd. Phoenix, AZ 85008."
- The fourth section is located to the right of the third, is unlabeled, and contains "Invoice Date June 28, 20XX" and "Terms of Sale 3/15, n/30 ROG."
Table
(a)
Complete the invoice itemization by finding the total amount (in $) for each item, the merchandize total (in $), and the total amount of the invoice (in $).
Stock # | Description | Unit Price | Amount |
---|---|---|---|
4811V | Stereo Receivers | 50 x $293.50 | $ 14675.00 |
511CX | Blu-Ray Players | 25 x $136.28 | $ 3407.00 |
6146M | Home Theater Systems | 40 x $656.12 | $ 2644.80 |
1031A | LCD TVs | 20 x $594.00 | $ 11880.00 |
Merchandise Total | $ | ||
Insurance + Shipping | $ | ||
Invoice Total | $ |
(b)
What are the discount date and the net date if the shipment arrived on July 14?
Discount Date ---Select--- January February March April May June July August September October November December Net Date ---Select--- January February March April May June July August September October November December
(c)
While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount (in $) of the returned merchandise? What is the revised merchandise total (in $)?
Returned merchandise$ Revised merchandise total$
(d)
What are the amount (in $) of the cash discount and the net amount due if the discount is taken? (Round your answers to the nearest cent.)
Cash discount$ Net amount due$
(e)
If Sound Design sends in a partial payment of $30,000.00 within the discount period, what is the net balance (in $) still due? (Round your answer to the nearest cent.)
$
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Follow-up Questions
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Follow-up Question
Complete the invoice itemization by finding the total amount (in $) for each item, the merchandize total (in $), and the total amount of the invoice (in $).
Stock # | Description | Unit Price | Amount |
---|---|---|---|
4811V | Stereo Receivers | 50 x $296.50 | $ |
511CX | Blu-Ray Players | 25 x $131.28 | $ |
6146M | Home Theater Systems | 40 x $656.12 | $ |
1031A | LCD TVs | 20 x $592.00 | $ |
Merchandise Total | $ 56,191.80 | ||
Insurance + Shipping | $ 1,250 | ||
Invoice Total | $ 57,441.80 |
(b)
What are the discount date and the net date if the shipment arrived on July 13?
Discount Date Net Date
(c)
While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount (in $) of the returned merchandise? What is the revised merchandise total (in $)?
Returned merchandise$ Revised merchandise total$
(d)
What are the amount (in $) of the cash discount and the net amount due if the discount is taken? (Round your answers to the nearest cent.)
Cash discount$ Net amount due$
(e)
If Sound Design sends in a partial payment of $30,000.00 within the discount period, what is the net balance (in $) still due? (Round your answer to the nearest cent.)
$
Solution
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Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Complete the invoice itemization by finding the total amount (in $) for each item, the merchandize total (in $), and the total amount of the invoice (in $).
Stock # | Description | Unit Price | Amount |
---|---|---|---|
4811V | Stereo Receivers | 50 x $296.50 | $ |
511CX | Blu-Ray Players | 25 x $131.28 | $ |
6146M | Home Theater Systems | 40 x $656.12 | $ |
1031A | LCD TVs | 20 x $592.00 | $ |
Merchandise Total | $ 56,191.80 | ||
Insurance + Shipping | $ 1,250 | ||
Invoice Total | $ 57,441.80 |
(b)
What are the discount date and the net date if the shipment arrived on July 13?
Discount Date Net Date
(c)
While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount (in $) of the returned merchandise? What is the revised merchandise total (in $)?
Returned merchandise$ Revised merchandise total$
(d)
What are the amount (in $) of the cash discount and the net amount due if the discount is taken? (Round your answers to the nearest cent.)
Cash discount$ Net amount due$
(e)
If Sound Design sends in a partial payment of $30,000.00 within the discount period, what is the net balance (in $) still due? (Round your answer to the nearest cent.)
$
Solution
by Bartleby Expert
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