Complete the following by calculating the cash discount and net amount paid:(If more than one discount, assume date of last discount.)Date ofGross amount ofinvoice (freightcharge alreadyincluded)FreightchargeTerms ofinvoiceDate ofpaymentinvoiceNone8/144/10, 3/15, n/308/26700CashdiscountNet amountpaid

Credit terms 4/10, 3/15, n/30 means that if payment is being made in 10 days, then 4% discount will…

Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Date of Date of Gross amount of invoice (freight charge already included) Freight charge Terms of invoice invoice payment $ None 8/14 4/10, 3/15, n/30 8/26 700 Cash discount Net amount paid

Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Date of Date of Gross amount of invoice (freight charge already included) Freight charge Terms of invoice invoice payment $ None 8/14 4/10, 3/15, n/30 8/26 700 Cash discount Net amount paid

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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 8/23
How 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?
Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $
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 $2,300
If purchases were made under terms of (a) trade discount of 20%, (b) credit terms of 2/10, n/30, and (c) shipping terms of FOB shipping point, freight collect, which of the following sentences are FALSE? a. The entity will pay for its freight-in on the purchase. b. The invoice price is only 80% of the list price. c. If the entity uses the perpetual inventory method, shipping cost would be recorded as a debit to Freight-in and a credit to cash. d. If the entity paid on the tenth day, it would only pay 98% of the invoice price.
Which of the following is used in computing cash payments for merchandise using the direct method? a.Net income b.An increase in accounts receivable c.An increase in accounts payable d.A decrease in accounts receivable
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. $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 2
Determine 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. Merchandise FreightPaid by Seller Freight Terms Credit forRefunds andAllowances a. $58,600 $1,300 FOB destination, 1/10, n/30 $6,500 b. 73,100 600 FOB shipping point, 2/10, n/30 3,900 a. $fill in the blank 1 b. $fill in the blank 2
Details of invoices for purchases of merchandise are as follows: Invoice Merchandise Freight Freight Terms Returns andAllowances Invoice A $2,800 $45 FOB shipping point, 1/10, n/30 $200 InvoiceB 7,600 60 FOB destination, n/30 800 Invoice C 1,400 55 FOB shipping point, 2/10, n/30 600 Invoice D 500 50 FOB destination, 1/10, n/30 0 What will be the total amount collected on all four invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Determine 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 FreightPaid by Seller Freight Terms Returns andAllowances a. $9,900 $400 FOB destination, 2/10, n/30 $1,450 b. 2,700 300 FOB shipping point, 1/10, n/30 800 a. $fill in the blank 1 b. $fill in the blank 2
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?

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