Put this transaction on the accounting equation: bought goods for R7000 less 10% discount
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- Assuming the customer settled his account within the discount period, Sales - 10,000, Sales return - 500, terms 2/10. How much is the Sales Discounts? * O 200 O 190 O 10 O 500Which of the following mathematical equations is used to compute the payables deferral period (DPO)? 000 о Payables deferral period (DPO) = Accounts payable/Daily credit purchases Payables deferral period (DPO) = Cost of goods sold/Accounts payables Payables deferral period (DPO) = Daily credit purchases/Accounts payable Payables deferral period (DPO) = Payables turnover 360 Payables deferral period (DPO) = Payables turnover/360A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
- Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000Assume 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?10. JASMINE Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU!
- Which of the following cases show(s) the situation(s) that the list price is higher than the net price after a deduction as stated on the sales invoice? 1. There is a trade discount of 5% given by the seller 2. There is a cash discount of 5% given by the seller 3. Some goods are returned to the supplierTRUE OR FALSE 1. Cost of goods sold is an operating expense. 2. Gross profit is equal to net sales plus cost of goods sold. 3. Net sales is equal to sales revenue plus sales returns and minus sales discounts. 4. Credit terms of 3/15, n/30 means the purchaser can deduct 3% of the invoice price if paid within 15 days. 5. FOB shipping point means title to the goods passes to the purchaser upon receipt of the goods and the seller is responsible for the cost of the freight. 6. In the closing entry process, the sales returns and allowances account is debited. 28. If the ownership of merchandise passes to the buyer when the se. delivers the merchandise for shipment, the terms are stated as FOB destination. 29. The abbreviation FOB stands for Free On Board. 30. If the buyer bears the transportation costs related to a purchase, the terms are said to be FOB destination. 31. The seller may prepay the transportation costs even though the terms are FOB shipping point. 32. Title to merchandise…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?
- 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?The business made a sale of OMR 21000 ( | cost was OR 18000), on credit basis. The effect on Account Receivable will be : Select one: O a. Account Receivable will decrease by OMR 21000 O b. Account Receivable will increase by OMR 18000 O c. Account Receivable will increase by OMR 21000 O d. Account Receivable will decrease by OMR 18000Q5. If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would be: A. $0 B. $5.00 C. $10.00 D. $10.50