. Robin Suen shopped at Walbank Department Store during the end-of-summer sale. All luggage was marked down 35%. She purchased a suitcase that regularly sells for $44.95, a garment bag that regularly sells for $80.00, and a tote bag that regularly sells for $35.95. What is the total sale price Robin paid?

. Robin Suen shopped at Walbank Department Store during the end-of-summer sale. All luggage was marked down 35%. She purchased a suitcase that regularly sells for $44.95, a garment bag that regularly sells for $80.00, and a tote bag that regularly sells for $35.95. What is the total sale price Robin paid?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 9EB: Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19...

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Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to Canary is $3.00 per part. Terms of the sale are 4/10, n/25, invoice dated December 4. The customer pays their account in full on December 16. On December 21, the customer discovers 22 of the parts are the wrong size, but decides to keep them after Canary gives them an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.
In March, Swim and Sport purchased designer bathing suits for $50 each. The original markup was 60% based on selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over and all merchandise was marked up15%. By July, many of the bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits were put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits. Round to the nearest cent.
George’s Gorgeous Gowns is a small boutique located in Ohio that sells special occasion gowns to women of all ages. He carries a 54% markup on all his garments. He needs to calculate the closing retail book inventory and convert this figure to cost value based on the following figures: Opening inventory at retail =$23,000; net sales =$76,000; markdowns =$2,600.00; employee discounts =$1,200; and returns to vendors= $3,500. Additionally, he has $75,000 in purchases (at retail). Find the closing book inventory in retail and cost.
During the annual Black Friday Sale, The OLX sold a pair of ski boots,regularly priced at $245.00, at a discount of 40%. The boots cost $96.00 andexpenses are 26% of the regular selling price. For how much were the skiboots sold?
Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded sales revenue of $445,000 on February 29, 2020. Francona Inc. allows retailers to return bobbleheads that do not sell in 8 months after sale. Past experience shows that the normal return rate is 20%. By Sept. 1, 2020 retailers returned bobbleheads to Francona and were granted credit of $66,000. Prepare Francona's necessary journal entries for February 29, Sept. 1, and Sept. 30, assuming Francona prepares financial statements on Sept. 30 of each year.
Tasty’s chocolate store paid $3,800 for Easter Egg inventory on March 15th. By April 30th (2 weeks after Easter), the seasonal inventory can only be sold to customers for $2,400. In order to sell the inventory quickly, an online advertising campaign must be undertaken which will cost $600 otherwise it is unlike they will sell the Easter eggs at all. a. Prepare the required journal entry for the above situation at April 30th b. Explain why Tasty had to make the April 30th journal entry.
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In a shop that sells t-shirts, 250 blue t-shirts were sold weekly and 25% of the remaining t-shirts that were sold were red. Of the leftover, 40% of the t-shirts sold were yellow t-shirts and the rest were black t-shirts. Given that the number of black t-shirts sold was 20% of the total number of t-shirts sold, how many red and blue t-shirts were sold altogether?
The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The total cost of the wagons before any discount was taken; the net cost after the trade discount. The amount of remittance to the nearest cent on May 18. The amount of remittance to the nearest cent on May 31. The total cost and individual cost to the nearest cent per wagon after all discounts. The amount saved by making the two payments. The breakeven point to the nearest cent…