Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?

Assume the perpetual inventory method is used. The company purchased $12,700 of merchandise on account under terms 4/10, n/30. The company returned $2,200 of merchandise to the supplier before payment was made. The liability was paid within the discount period. All of the merchandise purchased was sold for $19,400 cash. What effect will the return of merchandise to the supplier have on the accounting equation?

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 Рayment (gross) $ 10,000 2/10, n/60 а. b. 27,500 1/15, EOM C. 85,000 1/10, n/30 d. 22,500 3/15, n/45

Using gross method, what is your entry when you purchase amounting to ₱100.00? What is also your entry when paying the a/p with a discount of ₱2.00.

Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.

Suppose that Ivanhoe uses a periodic inventory system and has these account balances: Purchases $571,000; Purchase Returns and Allowances $11,800; Purchases Discounts $9,100; and Freight-In $14,300. Determine net purchases and cost of goods purchased. Net purchases tA Cost of goods purchased $

During the current year, merchandise is sold for $62,740 cash and for $85,360 on account. The cost of the merchandise sold is $96,270. What is the gross profit?

Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44

During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost of the goods sold is $88,270. What is the amount of the gross profit?

Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889