Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Trade Extended Quantity Unit Merchandise Unit List Discounts Total 150 ea. Blenders $39.95 20/15/15 $ 400 ea. Toasters $37.88 20/10/10 2$ 18 doz. Coffee Mills $244.30 30/9/7 12 doz. Juicers $440.00 25/10/5 24 Invoice subtotal $ Extra 5% volume discount on total order - $ 2 Invoice total

Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Trade Extended Quantity Unit Merchandise Unit List Discounts Total 150 ea. Blenders $39.95 20/15/15 $ 400 ea. Toasters $37.88 20/10/10 2$ 18 doz. Coffee Mills $244.30 30/9/7 12 doz. Juicers $440.00 25/10/5 24 Invoice subtotal $ Extra 5% volume discount on total order - $ 2 Invoice total

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 23Q: If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the...

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If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?
If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?
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Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.)
Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List TradeDiscounts ExtendedTotal 150 ea. Blenders $49.95 20/15/15 $ 4330.67 400 ea. Toasters $37.88 20/10/10 $ 9818.50 18 doz. Coffee Mills $244.30 30/9/6 $ 12 doz. Juicers $480.00 25/10/5 $ Invoice subtotal $ Extra 5 1 2 % volume discount on total order − $ Invoice total $
Complete the following invoice, finding the net price using the single trade discount rate.QtyItemUnit priceList price3535Notebooks$1.311.314545Looseleaf paper$0.880.882525Ballpoint pens$0.830.83Total list price3535% trade discountNet priceFill in, rounding to the nearest cent as needed.QtyItemUnit priceList price3535Notebooks$1.311.31$nothing
The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Answer- credit to accounts receivable for $2400 Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of 2/10, n/30. What is the net cost of the goods if Kingbird, Inc. pays within the discount period? Answer- 12,838 Just tell me the difference between the phrasing of the two questions. In other words, why don't I multiply 0.02 percent to 2,400 and then subtract $48 to get 2352 debit to sales revenue for the first question?