Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $9,500 with trade discounts of 25/14/6
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Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $9,500 with trade discounts of 25/14/6
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- Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $8,500 with trade discounts of 25/14/8. What is the single equivalent discount?Muscat Electronics purchased 400 Galaxy mobile phone at RO 70 each from Sohar Electronics. The supplier offers a trade discount of 5% on invoice price. The Net amount payable to supplier isAn invoice for a laptop computer that costs $625.68 is dated September 15, with sales terms of 3/10 EOM. When must the invoice be paid to take advantage of the discount?
- Backyard World buys plastic pools from a supplier with an invoice amount of $15,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due? $6,763.16 $6,840.00 $7,200.00 $8,736.84Sunrise 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?Ariel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of $400 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3. Ariel Enterprises pays in full for the phones on November 6. Create the journal entries for Ariel Enterprises for the following transactions. A. the initial purchase B. the subsequent payment on November 6
- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10A discount store purchased some special product at a list price of $1,400. If the broker gives a 10.25% trade discount, what is the amount of the trade discount? $143.50 $840.00 $1,256.50 $1,484.00
- 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?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 P630,000Shatner Importers, Inc. sells coffee pots for $120 each. On November 12, the company sold to a customer on account with terms of /15, n/30. The customer paid for 20 of the coffee pots on November 27 and paid for the remaining on 11th. Provide the necessary journal entries for Shatner to record these transactions under both the most-likely-amount and expected-value methods. For the most-likely-amount method, assume both that the customer will take the discount and won't take the discount. For the expected-value approach, assume that the customer is70% likely to take the discount and ignore any constraints on variable consideration. (Ignore the journal entry that would typically be necessary to record the reduction of inventory and cost of goods sold.) Round to two decimal places.b. Provide a comparison of the impact on the income statement for each method. begin by recording the transactions under the most-likely-amount method, assuming that the customer will take the…