Complete the following by calculating the cash discount and net amount paid: Gross amount of invoice (freight charge already included) Freight charge Date of invoice Terms of invoice Date of payment Cash discount Net amount paid $7,000 $100 4/8 2/10, n/60 4/15
Q: The debits and credits from four related transactions, (1) through (4), are presented in the…
A:
Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…
A: Under FOB Shipping Point arrangement, buyer gains ownership right on the goods after the goods are…
Q: Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit…
A: In the case of FOB Shipping point Amount to be paid = ( Purchases - Return ) * ( 1 - Discount rate )…
Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…
A: Freight paid by the seller under FOB Shipping Terms will be borne by the buyer and therefore it will…
Q: Complete the following by calculating the cash discount and net amount paid: (If more than one…
A: The terms 3/10, 2/15, n/30 implies that a discount of 3% will be allowed if payment is made within…
Q: The debits and credits from four related transactions, (1) through (4), are presented in the…
A: FOB Shipping Point – Purchaser is responsible for paying the shipping charges.They are usually…
Q: Determine the amount to be paid in full settlement of the invoice assuming that credit for returns…
A: FOB destination sale: In FOB destination sale freight costs are paid by the seller and ownership is…
Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…
A: a Amount to be paid in full settlement = $22,080 = ($24,000 - $2,000) x (100%- 1%) + $300
Q: Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…
A: IF the term is FOB shipping point then freight is added to the total cost but if the term is FOB…
Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…
A: Introduction: Purchase discount: Goods are purchased on credit. If payment is made within discount…
Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…
A: Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the…
Q: Complete the following by calculating the cash discount and net amount paid: LU 7-2(1) Gross amount…
A: Cash Discount is given on entire invoice amount (including freight charges) if amount is paid within…
Q: Merchandise is sold on account to a customer for $13,600, terms FOB shipping point, 2/10, n/30. The…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Complete the following by calculating the cash discount and net amount paid: LU 7-2(1) Gross amount…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…
A:
Q: For the following purchases of merchandise, determine the amount of cash to be paid: Total Invoice…
A: No. Date Cash Paid Calculation a Jun-01 410 b Jun-12 811.80 (960-140)*(1-0.01) c Jun-14…
Q: FN Trading recorded the following events involving a recent purchase of merchandise: Received goods…
A: SOLUTION- NET COST OF PURCHASE = (GROSS PURCHASE - PURCHASE RETURN) * (1-CASH DISCOUNT RATE) +…
Q: Aroma Company used the net price method of accounting for cash discounts .In one of its transactions…
A: Accounts receivable (AR) appears to be the sum owed to a company for products or services provided…
Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…
A: Freight: Freight is the shipping cost that a buyer pays for the merchandise purchased. It is a…
Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…
A: In FOB shipping point, freight cost is borne by the buyer and in FOB destination sale, freight costs…
Q: The debits and credits from four related transactions, (1) through (4), are presented in the…
A: Transaction 1 shows that the purchase has been recorded by considering the discount. And the case…
Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom,…
A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…
Q: A sales invoice included the following information: merchandise price, $8,100; terms 1/10, n/eom,…
A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…
Q: Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The…
A: FOB: FOB stands for free on board. FOB is term that determines the person who is liable for damage…
Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…
A: a. Amount to be paid = Merchandise - Return and allowances = $21,000 - $1,100 = $19,900 b. Amount to…
Q: A sales invoice included the following information: merchandise price, $3,100; terms 1/10, n/eom;…
A: Solution: Particulars Amount ($) Merchandise Price 3,100 Less: Merchandise Returns 600 Net…
Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…
A: FOB Shipping Point : This means the seller sends the inventory free on board. The buyer bears the…
Q: uilder Company uses the net price method of accounting for cash discounts. In one of its…
A: Gross sales = List price x (1 - trade discount) x (1 - trade discount) = 500000 x (1 - 0.20) x…
Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…
A: Sales - Return = Net Sales Merchandise Price = $11,800 Prepaid Freight = $560 Merchandise…
Q: Purchase-Related Transactions The debits and credits from four related transactions, (1) through…
A: FOB Shipping Point – Purchaser is responsible for paying the shipping charges.They are usually…
Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…
A: (a)
Q: Gross amount of invoice (freight charge already included) Net amount Freight charge Date of Terms of…
A: 4/10 , 2/15 net 30 means 4% discount will be there if payment is made with in 10 days , 2% discount…
Q: Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of…
A: The invoice is made against the account receivables.
Q: reight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…
A: a. Computation is represented as below: Hence, the amount to be paid in full settlement is $75,250.…
Q: A sales invoice included the following information: merchandise price, P5,000; freight, P900; terms…
A: Net Purchases = Total purchases - Purchase return = P5,000 - P700 = P4,300
Q: Determine the amount to be paid in full settlement of the invoice assuming that credit for returns…
A: The amount of full settlement amount of the invoice is the Purchase amount less return &…
Q: Freight termsDetermine the amount to be paid in full settlement of each of two invoices, (a) and…
A: The seller's title and liability for the products pass to the buyer when the products are loaded…
Q: Complete the following by calculating the cash discount and net amount paid: (If more than one…
A: Credit terms 4/10, 3/15, n/30 means that if payment is being made in 10 days, then 4% discount will…
Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…
A: Cost of merchandise sold can be defined as the direct cost of producing the products or services. It…
Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…
A: Answer - Part a.- Purchase $36,000…
Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…
A: This is a question of Merchandise operations. Credit for refund and discount is reduced from the…
Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…
A: Amount paid = Purchase - Returns and allowances - Discount + Freight paid by seller (if FOB at…
Q: merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays…
A: In the given question, Springhill Company purchased goods worth $ 12,100 and returned goods worth $…
Q: Complete the following by calculating the cash discount and net amount paid: (If more than one…
A: according to the given information the invoice amount =$850 date of invoice is =8/5 that means 5th…
Q: The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Aroma Company used the net price method of accounting for cash discounts. In one of its transactions…
A:
Q: Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of…
A: FOB Destination states that the goods transfer the title only when they reach the buyer's specified…
Complete the following by calculating the cash discount and net amount paid:
| Gross amount of invoice (freight charge already included) | Freight charge | Date of invoice | Terms of invoice | Date of payment | Cash discount | Net amount paid |
| $7,000 | $100 | 4/8 | 2/10, n/60 | 4/15 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge date of invoice terms of service date of payment cash discount net amount paid $650 None 8/11 4/10,2/15, n/30 8/23How do you find the cash discount and the net amount paid when you know the gross amount of invoice with the freight charge already included is $600, the freight charge is none, the date of invoice is 8/1, the terms of invoice are 3/10, 2/15, and n/30, and the date of payment is 8/13?
- For the following purchases of merchandise, determine the amount of cash to be paid: Purchase InvoiceDate CreditTerms FOB Amount ofPurchase FreightCharges TotalInvoiceAmount Returns andAllowances DatePaid a. June 1 2/10, n/30 Destination $550 — $550 — June 30 b. June 12 1/10, n/30 Destination 700 — 700 $100 June 21 c. June 14 2/10, n/30 Shipping point 940 $60 1,000 — June 23 d. June 21 n/30 Shipping point 830 70 900 130 July 20 e. June 24 1/10, n/30 Shipping point 760 50 810 90 July 3 Round your answers to the nearest cent.Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paidby Seller Freight Terms Returns andAllowances a. $13,200 $215 FOB Shipping Point, 1/10, net 30 $1,300 b. $10,400 $56 FOB Destination, 2/10, net 45 $2,300An invoice received included the following information: merchandise price, $3,200; terms 1/10, n/eom; FOB shipping point with prepaid freight of $598. Assuming that a credit for merchandise returned of $600 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $600 b. $3,760 c. $3,200 d. $3,172
- A sales invoice included the following information: merchandise price, $8,100; terms 1/10, n/eom, FOB shipping point with prepaid freight of $300 added to the invoice. Assuming that a credit for merchandise returned of $900 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a.$8,319 b.$9,210 c.$7,428 d.$891FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?A sales invoice include the following information: merchandise price, $12,000: terms 1/10, n/oem;FOB shipping point with prepaid freight of $900, added to tlhe invoice. Assuming that a credit for merchandise returned of $500 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? How do you solve this?
- A sales invoice included the following information: merchandise price, P5,000; freight, P900; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of P700 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller 4,257 4,300 5,157 4,950Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paidby Seller Freight Terms Returns andAllowances a. $10,800 $276 FOB Shipping Point, 1/10, net 30 $1,100 b. $12,700 $82 FOB Destination, 2/10, net 45 $2,800 a. $fill in the blank 1 b. $fill in the blank 2Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise(Invoice Amount) FreightPaid by Seller Freight Terms Returns andAllowances(InvoiceAmount) a. $9,950 $100 FOB destination, 2/10, n/30 $1,150 b. 3,700 300 FOB shipping point, 1/10, n/30 900 a. $fill in the blank 1 b. $fill in the blank 2