Sepaba Ltd. received an invoice dated November 20 from Wallis Specialties of Germany with terms 5/20, n/45 for: 10 vases at $35.00 each; 20 figurines at $50.50 each; 40 glass flutes at $80.50 each. All items are subject to trade discounts of 30%, 10%, 5%. What is the last day of the discount period
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Sepaba Ltd. received an invoice dated November 20 from Wallis Specialties of Germany with terms 5/20, n/45 for: 10 vases at $35.00 each; 20 figurines at $50.50 each; 40 glass flutes at $80.50 each. All items are subject to trade discounts of 30%, 10%, 5%. What is the last day of the discount period
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- Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for: 10 wood trays at $ 37.45 each; 35 wood planters at $ 43.75 each;50 wood bowls at $ 37.25 each. a)What is the amount due if the invoice is paid in full on September 6? Round to the nearest 100th. b)If only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $ 1500? Round to the nearest 100th.Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for: 10 wood trays at $37.45 each; 35 wood planters at $43.75 each; 50 wood bowls at $37.25 each. If only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $1500.00? Round to nearest 100th.Kindness Company regularly buys sweaters and is allowed a trade discount of 20% and 10%. The entity made a purchase on March 20 and received an invoice with a list price of P900,000, a freight charge of P50,000, and payment terms of net 30 days. What is the cost of the purchase?
- Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5/20 R.O.G. for the items listed below. 100 teak trays at $35.70 each 30 teak buckets at $64.20 each 45 teak salad bowls at $55.60 each All items are subject to trade discounts of 103/3%, 19/2%, and 6%. Find the given below (a) If the shipment was received on June 20, what is the last day of the discount period? (b) What is the amount due if the invoice is paid in full on July 8? (c) If only a partial payment is made on the last day of the discount period, what amount is needed to reduce the outstanding balance to $2000?Dean Company regularly buys sweaters from Mill Company and is allowed a trade discount of 20% and 10% from a list price. Dean made a purchase on March 20 and received an invoice with a list price of P900,000, a freight charge of P50,000, and payment terms of net 30 days. Dean should report purchases at Choices: P698,000 P648,000 P680,000 P630,000A retailer received an invoice for the purchase of twenty rackets at RM140 each. He was given trade discounts of 15% and 5%. The cash discount terms on the invoice were 3/10, n/30. (a) Determine the single trade discount rate that is equivalent to the chain discounts. (b) Calculate the amount of payment if it is made one week after the date of invoice
- An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is 30%, 20%, and 5% with terms of 2/10 as of April 1, FOB retailers distribution center, and shipping charges of $30 pre-paid by the vendor. There is a quantity discount of 1% on orders of $5000 and a 2% discount on orders of $7500 or more. What amount should be paid if the buyer purchase $10,000(list price) worth of merch ?Belts are shipped to the buyer on June 4 at a cost of $5500.00. The terms on invoice are 3/10, n/60. When is the last day the buyer can get the cash discount? If the buyer decides to pay for the shipment on June 30. What is the net amount to be paid?On May 1, 20x6, Chrome Computer Inc., enters into a contract to sell 5,000 units of keyboard to one of its clients, Website Inc., at a fixed price of P95,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 20x6. As part of the contract, the seller offers a 25% discountcoupon to Website for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Chrome Computer estimates a 50% probability that Website will redeem the 25%discount voucher, and that the coupon will be applied to P20,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is P19.60 per unit. Assume the facts and circumstances as above, except that Chrome gives a 5% discount option to Website instead of 25%. In this case, what journal entry would Chrome record on May 1, 20x6? a. DR Cash 95,000 CR Deferred revenue – keyboards…
- Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $610,000 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,000. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Jupiter for the full sales price. Instructions a. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2020, and the payment on January 28, 2020. Assume that Jupiter Company records the January 2, 2020, transaction using the net method. b. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2020, and the payment on January 28, 2020. Assume that Jupiter Company records the January 2, 2020, transaction using the gross method.On June 1, DD Company shipped twenty five DVD to BB View Store on consignment. The DVD is to be sold at an advertised price of P200 per item. The cost of each DVD to the consignor is P100. The consignor paid P75 to ship the merchandise. Commission is to be 25% of sales price. During the month, two DVD were returned. On June 30, BB View Store remitted the amount due to consignor after deducting commission of P400. The cost of inventory on consignment amounted to: The net income of the consignor for the month is: The cost of inventory on consignment amounted to:Giorgio Italian Market bought $5,000 worth of merchandise from Food Suppliers and signed a 90-day, 10% promissory note for the $5,000. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.)
