A electronic store lists an article for $ 862 less 6.1 %, 14.8% and 11.2%. A competitor carries the same article for $ 870 less 6.7% and 9.3% and promises to price match. What is the net price of the electronic store?
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- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business and credit terms are 3/10, n/60. What is the net cost of the goods sold assuming that if the retailer made the payment within the discount period? a. RO 15,520 b. RO 480 c. RO 14,400 d. RO 16,00028) MN traders has the purchases of RO 76,500, purchases returns and allowances of RO 1,900, transportation cost of RO 500 and purchase discount of RO 300. Calculate the amount of Net cost of purchases made by the business. a. RO 74,800 b. RO 77,100 c. RO 73,800 d. RO 75,400 Clear my choice
- buying and sellinga. A calculator is listed at P 859.50 and has a trade discount of 33 1/3 %; a) What is the amount of trade discount? b) What is the price paid for the calculator?b. ABC Company offers to fill an order for goods at P 25,800.00 less 25% and 25 %, terms n/30. On the other hand, XYZ Corporation offers P 25,000.00 less 35%, 3%, and 2%, terms 8/10, n/30: on the same order. Assuming that Mr Cruz will pay cash, which is the better offer?c. What is the total cash discount if an invoice dated March 31 for P 15,000 with a payment terms of 3/20; 1/30; n/60 is paid in full on April 20?d. A manufacturer bills a retailer P 25,000 for a brand new refrigerator, and further extends a trade discount of 18 %. What is the trade discount and the net price?e. The list price of a brand new flat screen tv set at Emcor is P 25,000. The item costs P 22,000. After negotiation the tv set was sold at 20,000. What are the initial markup price and the maintained markup price?For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10n/30 and that any purchase returns was known before Mary Paz Abad Retailers made the payments.Freight Prepaid PurchasePurchases (by seller) Returnsa. P12,000 FOB Shipping Point 1,000 P3,000b. 24,000 FOB Destination 2,400 2,000c. 28,000 FOB Shipping Point 4,000Shipping TermsPage 1 of 6d. 40,000 FOB Shipping Point 3,000Required:a. Determine the cash discount available.b. Determine the cash remitted if payment is made within the discount period.Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List TradeDiscounts ExtendedTotal 150 ea. Blenders $49.95 20/15/15 $ 4330.67 400 ea. Toasters $37.88 20/10/10 $ 9818.50 18 doz. Coffee Mills $244.30 30/9/6 $ 12 doz. Juicers $480.00 25/10/5 $ Invoice subtotal $ Extra 5 1 2 % volume discount on total order − $ Invoice total $
- A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are 2/10, n/30. What is the amount payable by the retailer assuming that if the retailer made the payment within the discount period? a. RO 78,400 b. RO 80,000 c. RO 1600 d. RO 72,000The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped? Present solution in good accounting form.1. Norfolk Sporting Goods purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? A. $29,400 B. $20,580 C. $21,000 D. $30,000 2. Who is responsible for the freight cost when the terms are FOB destination? A. the seller B. the buyer C. either the buyer or the seller D. the ultimate customer 3. Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items? A. specific identification B. LIFO C. average D. FIFO
- Show the solution in good accounting form The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).Backyard World buys plastic pools from a supplier with an invoice amount of $15,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due? $6,763.16 $6,840.00 $7,200.00 $8,736.84