Mr. Tom purchased 3 x GPS Cat Collar from Firestorm.com store. The total item value of his order is $146.85 and the shipping charge is $4.95 (Shipping charges are only refundable when customer cancels the full order). Total order value $151.80. After the purchase, Mr. Tom had a change of mind and informed you via email support portal that now he only wants 1-piece GPS Cat Collar. According to Firestorm Store’s Refunds & Returns policy, to cancel an item customer will be charged 25% of its canceled item value as a cancellation fee. How much cancellation fee will Mr. Tom pay and what will be the new order value? How much money will be refunded to Mr. Tom’s account?

Mr. Tom purchased 3 x GPS Cat Collar from Firestorm.com store. The total item value of his order is $146.85 and the shipping charge is $4.95 (Shipping charges are only refundable when customer cancels the full order). Total order value $151.80. After the purchase, Mr. Tom had a change of mind and informed you via email support portal that now he only wants 1-piece GPS Cat Collar. According to Firestorm Store’s Refunds & Returns policy, to cancel an item customer will be charged 25% of its canceled item value as a cancellation fee. How much cancellation fee will Mr. Tom pay and what will be the new order value? How much money will be refunded to Mr. Tom’s account?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 1RP

See similar textbooks

Similar questions

Canary Lawnmowers sold 70 lawnmower parts at $5.00 per part to a customer on December 4 with a cost to Canary of $3.00 per part. Terms of the sale are 5/10, 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.
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.
Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size, but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
ABC is a Wholesale Merchandise trader. He uses periodic inventory system. He received an order from the customer and asking for 100 numbers of Desktop computers. The business is ready to give offers @ 10% trade discount on the invoice price if the customer place an order before 27th April 2021. Selling Price of the product is OMR 120 each. Which of the following journal entry is Correct in the books of ABC Merchandise business assuming that the order was placed by the customer on 25th April 2021? a. Debit Accounts payable OMR 10,800 Credit Merchandise Inventory OMR 10,800 b. Debit Accounts receivable OMR 12,000 Credit Sales OMR 12,000 c. Debit Accounts receivable OMR 10,800 Credit Sales 10,800 e d. Debit Purchase OMR 12,000 Credit Accounts payable OMR 10,800 Credit Discount 1,200
Nizwa Electronics LLC has been doing a Wholesale Merchandise business for the past 5 years. He received an order from Sohar Electronics LLC (Customer) and asking for 100 numbers of Samsung LED Television on credit terms. Nizwa Electronics are ready to give offers @ 10% trade discount on the invoice price if the customer place an order before 26th December 2020. Selling Price of the product is OMR 180 each. Both the business uses perpetual inventory system. Which of the following journal entry is Correct in the books of Sohar Electronics LLC assuming that the order was placed by the customer on 24th December 2020? a. Debit Merchandise inventory OMR 18,000 Credit Accounts payable OMR 18,000 b. Debit Merchandise inventory OMR 16,200 Credit Accounts payable 16,200 c. Debit Accounts payable OMR 16,200 Credit Merchandise Inventory OMR 16,200
Park-n-Shop is promoting a deal. For a single purchase of $500, the customer can choose to get a $50 voucher for next purchase as long as the customer posts an advertisement on the Facebook. Under this deal, the customer needs to pay $520 for the current purchase (i.e., if the customer takes the deal, she or he pays $20 more). The fair value of Facebook advertisement is $20 for each post. Required: Prepare journal entries for Park-n-Shop when a customer purchased $500 goods and chose to take this deal. You don’t need to record the inventory-related journal entry
1.)The suppliers sells a set of stainless steel tray's to jane's cookies shop. The list is price is Php 3,500 and Jane qualifies for a 30% trade discount. Compare the net price 2.)allen ordered 10 t-shirt for php 240 each and 5 pants for Php450 each the suppliers gives a 15% discount. How will be the total change for this ordered
Rochelle goes online to buy a new video game. She finds a site that currently has a promotion of 15% off on all orders over $50. Rochelle decides to buy her video game, with a price tag of Sl28, at this site because she knows that she will get the 15% discount when she checks out. Rochelle pays 5.3% sales tax on the discounted price and pays a shipping fee of S4.75. What is the total of Rochelle's online purchase? a$114.57 b. S112.84 C.$119.32 d.$118.82
Walmart sells a bike that cost $100 to a customer for $250 cash. Using a perpetual inventory system, the entry to record the sale includes a debit to ___________ and credit to ___________ ____________ for $250. The entry to record the cost of the sale includes a debit to Cost of Goods Sold and a credit to ___________ for $100. (Enter only one word per blank.)
Review the following transactions for Dish Mart and record any required journal entries. Nov 5 Dish Mart purchases 26 sets of dishes for $460 per set with cash. Nov 9 Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Nov 13 Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Nov 14 Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Nov 15 Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish Mart and the supplier have agreed to reduce the amount Dish…
DS Unlimited has the following transactions during August. August 6 Purchases 70 handheld game devices on account from GameGirl, Inc., for $200 each, terms 1/10, n/60. August 7 Pays $400 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 50 game devices purchased on August 6 for $220 each to customers on account. The total cost of the 50 game devices sold is $10,212.50. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.