Complete the following by calculating the cash discount and net amount paid: LU 7-2(1) Gross amount of Invoice (freight charge already Frelght Included) Date of Terms of Date of Cash Net amount charge Involce Involce раyment discount pakd 7-15. $7,000 $100 4/8 2/10, n/60 4/15 7-16. $600 None 81 3/10, 2/15, n/30 8/13 7-17. $200 None 11/13 1/10 EOM 12/3 7-18. $500 $100 11/29 1/10 EOM 1/4 Complete the following: LU 7-2(2) Date of Amount of Amount Involce Actual partlal payment made partlal payment payment to Balance of tnvolce Terms date be credited outstanding 7-19. $700 2/10, n/60 5/6 $400 5/15 7-20. $600 4/10, n/60 7/5 $400 7/14

Complete the following by calculating the cash discount and net amount paid: LU 7-2(1) Gross amount of Invoice (freight charge already Frelght Included) Date of Terms of Date of Cash Net amount charge Involce Involce раyment discount pakd 7-15. $7,000 $100 4/8 2/10, n/60 4/15 7-16. $600 None 81 3/10, 2/15, n/30 8/13 7-17. $200 None 11/13 1/10 EOM 12/3 7-18. $500 $100 11/29 1/10 EOM 1/4 Complete the following: LU 7-2(2) Date of Amount of Amount Involce Actual partlal payment made partlal payment payment to Balance of tnvolce Terms date be credited outstanding 7-19. $700 2/10, n/60 5/6 $400 5/15 7-20. $600 4/10, n/60 7/5 $400 7/14

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Similar questions

Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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
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
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.
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?
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
An 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.$891
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
FN 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?
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 $ $
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…