Winter Company received quotations from two entities for an item of merchandise as follows: From Company A: List price P500,000, less 20%, 10%, and 10%, FOB shipping point, 2/10, n/30. From Company B: List price P500,000 less 35%, FOB shipping point. 2/10, n/30 For each quotation, compute the invoice amount and the amount to be paid by the buyer within the discount period.

Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business…

A: Formula: Cash discount: Goods sold on credit base. If the amount paid with in the discount period…

Q: A sales invoice included the following information: merchandise price, $4,200; terms 1/10, r/eom;…

A: Introduction:- Cost of merchandise includes as follows:- merchandise purchase price - purchase…

Q: Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: The invoice for sales includes the terms for sales price, discount terms and payment date, etc. It…

Q: retailer assuming that if the retailer made the payment within the discount period? a. RO 78,400 b.…

A: Discount on payment = invoice price x discount rate = RO 80,000 x 2% = RO 1,600

Q: The home office bills shipments of merchandise to its branch at a markup of 20% based on cost. At…

A: Mark up on shipments from home office  = $960, 000*20/80 = $240, 000

Q: Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms…

A: The journal entries are prepared to record daily transactions of the business.

Q: What is the net cost of the goods if Marigold Company pays within the discount period?

A: If payment is made within discount period, then Marigold would receive the discount offered by…

Q: Winter Company received quotations from two entities for an item of merchandise as follows: From…

A: Trade discount and cash discount are two different types of discount offered by seller to the buyer.…

Q: Cost of goods sold section, multiple step and come statement based on the information that follows,…

A: An income statement is a financial report that indicates how prosperous the company was during a…

Q: The following information pertained to Azur Co. for the year: Purchases $102,800 Purchases…

A: Cost of Goods sold = Sales Revenue - Business gross profit . It is represented as COGS .

Q: Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30.…

A: CALCULATION OF AMOUNT : $60,000 - 2% DISCOUNT = $58,800

Q: FN Trading recorded the following events involving a recent purchase of merchandise: Received goods…

A: SOLUTION- NET COST OF PURCHASE = (GROSS PURCHASE - PURCHASE RETURN) * (1-CASH DISCOUNT RATE) +…

Q: he following selected transactions were completed by Amsterdam Supply Co., which sells office…

A:

Q: Calexico trading recorded the following events involving a recent purchase of merchandise:…

A: Solution: Net cost of purchase = (Gross purchase  - Purchase returns) * (1-cash discount rate) +…

Q: Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB…

A: Formula to Calculate net cost of Merchandise (Paid within the period):Net cost of merchandise =…

Q: Using the following information, prepare the Cost of Goods Sold section of an income statement.…

A: Cost of Goods Sold section of an income statement is as under:

Q: Axy's Store provides the following information relative to the following four items being sold as…

A: Bundled selling price will be allocated to each product in the ratio of standalone selling price of…

Q: (Olympia Company sold merchandise on credit with a list price of $70,000. Terms were 2/10, n/30.…

A: Net amount to pay = 70,000 * ( 1 - 0.02 ) = 68,600

Q: On June 3, 2020, Hunt Company sold to Ann Mount merchandise having a sales price of $8,000 (cost…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: A sales invoice included the following information: merchandise price, $8,100; terms 1/10, n/eom,…

A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…

Q: Winter Company received quotations from two entities for an item of merchandise as follows: From…

A: Credit terms 2/10, n/30 means that customer will get a discount of 2%, if payment is being made in…

Q: Using the following information, prepare the Cost of Goods Sold section of an income statement.…

A: The cost of goods sold represents the amount incurred for the production process of the business of…

Q: The following summarizes Tesla’s merchandising activities for the year. Set up T-accounts for…

A:

Q: On April 15, Jones, Inc. purchased merchandise inventory at an invoice price of $350,000, with terms…

A: Discount on Payment = Invoice amount x rate of discount = $350,000 x 3% = $10,500

Q: Which of these is not an acceptable inventory costing method under IFRS? 2. Travelli Co. sold…

A: “Hey, since there are multiple questions posted, we will answer only one question, as per our…

Q: Bataan Company, a VAT-registered business, purchased imported goods from Finland Company with the…

A: Total cost of the inventory is include the cost plus custom duty and any tax which is not…

Q: Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases…

A: Cost of goods sold means total cost incurred on goods that are being sold by the business in the…

Q: Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the…

A: Cost of Goods Sold(COGS) is total which is incurred by business firm to produce the trading product…

Q: For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10 n/30…

A: The discount represents the lower amount price to be paid than the actual amount.

Q: Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10, n/30, FOB destination.…

A: Freight cost: Freight cost is the fee paid to a carrier company for transporting goods from their…

Q: Prepare the cost of goods sold section of the income statement for L. I. Grill from the information…

A: Cost of goods sold = Beginning inventory + Net purchase + Direct expenses - Closing inventory

Q: A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are…

A: The net cost of goods sold if payment made within discount period is 78,400 Net Cost of Goods…

Q: A sales invoice included the following information: merchandise price, $10,100; terms 1/10, n/eom;…

A: 1. MERCHANDISE PRICE = $10,100   2. SALES RETURN = $2,000   3. TOTAL SALES = $8,100   4. INVOICE…

Q: The following were selected from among the transactions completed by Home Sentry Company during…

A: Journal entry:   It is the first step of recording transactions of a company. Before this, no other…

Q: On May 12, Digital Distributors received three shipments of merchandise. The first was shipped FOB…

A: Using the Perpetual inventory system, inventory account should be used to record the fright paid by…

Q: Gabriela uses the perpetual inventory system. Gabriela purchased merchandise with an invoice price…

A: The foremost reporting of the transactions is to be done in the journal. These are recorded to…

Q: HOW DO I PREPARE A TRANSACTION CHART?   On June 10, Wildhorse Company purchased $9,500 of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: Solution Good in transit  Refers to merchandise and other type of inventory that have left the…

Q: Using the following information, answer the questions. Net sales $198,000 Purchases 92,000…

A: Gross profit is the profit a company makes after deducting the costs associated with making and…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: Under FOB shipping point, buyer will be treated as owner of the goods from the time goods are…

Q: Willetta Company purchases inventory for $19,000 with terms 2/10, n/30. It then returns $2,900 of…

A: Terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days. Given in the…

Q: Use the following information to calculate figures in the table below. Manufacturer: 5 60 net…

A: Value added tax is an indirect tax levied on the sale of goods or services on the value added by the…

Q: If merchandise sold for $3,500, with terms of 3/15, n/45, and the cost of the merchandise sold is…

A: Sales discount = sales x discount rate = $3500 x 3% = $105

Q: scual Co, received the goods and llano Co.'s invoice on June 17. On June 24, Pascual Co. sent the…

A: For the first time in the books of accounts, business transactions are recorded in the journal.…

Q: rnal entries to record the following merchandising transactions of Lowe's, which uses the perpetual…

A: Journal Entry The act of recording or keeping track of any financial or non-financial action is…

Q: Required: Compute the net sales, cost of goods sold and gross profit for the following information…

A: Gross Profit: The profit a company generates after deducting all costs associated with making and…

Q: On July 2, 2015, Lake Company sold to Sue Black merchandise having a sales price of $6,000 (cost…

A: (a) Prepare journal entries for Lake Company to record all the events noted above assuming sales and…

Q: A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business…

A: COGS stands for Cost of goods sold which is defined as the direct cost of producing the goods sold…