What is the net amount due (in $) on the order if the bill is paid by the 20th day?
Q: The invoice of a Toy company amounts to 800 OMR was dated February 7, and offered terms 2/10, n/30…
A: Introduction: ROG: ROG stands for Receipt of Goods. Due date is to be calculated from the date of…
Q: ALS & Co. sold goods with an invoice price of P5,700,000 on January 1, 2021. Trade discounts were…
A: Solution 1: Total trade discount = (P5,700,000*25%) + (P5,700,000*75%*5%) = P1,425,000 + P213,750 =…
Q: An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is…
A: The following Free on board agreements is given to the trader as per the quantity purchased.
Q: A small retailer buys goods from a vendor with an invoice amount of $9,300. The terms of the sale…
A: The term indicates that if the buyer paid his dues within stipulated time then he is eligible for…
Q: A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24%…
A: Formula: Cash discount amount = Invoice amount x Discount rate
Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…
A: Formula: Sales discount = Net sales x Discount rate
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount
Q: An invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on…
A: 2/10,n/30 means 2% cash discount can be availed if payment is paid within 10 days of invoice. n/30…
Q: On June 1, Compassion Company sold merchandise with a list price of P1,000,000 to a customer. The…
A: A trade discount is offered to the customer to encourage him to purchase the products in bulk…
Q: ABC Company sold merchandise with P10,000 list price, subject to trade discount of 25%, and is paid…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: The home office of Farah Company ships merchandise to the Nour branch at a billed price that…
A: Net loss is the difference between total expenses and total revenue. In this expense are more than…
Q: On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account,…
A: Net Payment made = Inventory Purchased - Inventory returned = $252,510 - $30,380 = $222,130
Q: A retailer received an invoice of RO 2500 with the terms 3/12, n/30 ROG on January 25th. The goods…
A: Given Invoice Amount = RO 2500 Term = 3/12, n/30
Q: Calculate the amount of discount paid. Ordinary EOM ROG
A: Discount is the amount of money which a buyer gets from the purchases which has been made by him or…
Q: A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale…
A: Discount amount = Invoice amount x discount rate = $12,800 x 5% = $640
Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…
A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…
Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…
A: Discount on sales value: When the customer pays the amount within discount period then customer is…
Q: On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid $400 and…
A: Sales partially on credit and partially on a cash basis: when a customer pays a portion of sales…
Q: On March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…
A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…
Q: You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods…
A: Answer - Part 1 - Computation of the last day of the discount period - Last day of discount period…
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Given: Price of the invoice = $ 19,700 Partial payment = $ 10,800 Sales term = 515,n45
Q: An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6…
A: Sales term 2/10 means if payment is made before 10 days 2% discount will be received.
Q: On December 1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30,…
A: The discount is given to the customers so as to receive payment from customers on the early basis.
Q: On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a…
A: Sales of goods means transfer of ownership of goods to some other person. It can be on cash or on…
Q: SumOne Limited is a retail store with a 30 June year-end. The company recorded the following: 2021…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On November 3, FDN Trading sold merchandise for P180,000 less 15-10 on terms 3/10 2/20 n/30. Two…
A: Gross purchase = List price x (1 - trade discount rate) x (1 - trade discount rate) =…
Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…
A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold
Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated on May 1 with…
A: 1/15 means 1% discount will be there if payment is made with in 15 days and no discount after 15…
Q: Piedmont Company purchased merchandise on account from a supplier for $30000, terms 1/10, n/30.…
A: Given, Purchases = $30,000 Purchase returns = $8,000 Cash discount = 1%
Q: A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/eom.…
A: Formula to calculate cash received by the seller:Cash received by seller = Merchandise price -…
Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…
A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.
Q: SumOne Limited is a retail store with a 30 June year-end. The company recorded the following: 2021…
A: The short-term provisions are referred to as the current liability which is expected to be settled…
Q: A buyer received an invoice for P 6,000 dated June 10. If terms are 2/10, n/30, and the buyer paid…
A: Solution Note As per the Q&A guideline we are required to answer the first question only .…
Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…
A: Cost of purchase = 23000 Credit Terms = 2/10, n/30
Q: During the month of February 2021, the following transactions ocurred: Feb 1 Collected 113,00 from…
A: Journal entry means recording of transactions on basis of double entry system.
Q: You purchase goods with a net price of $240. The invoice is dated October 7 with terms of 3/20,…
A: (a) Cash discount = Net price * Cash discount percentage Cash discount = $240 * 0.03 Cash discount =…
Q: ick Depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are…
A: Working capital finance is a type of business financing that is used to increase a company's working…
Q: A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/30.…
A: Payment terms 2/10, n/30 means discount of 2% is valid till 10 days from the date of purchase.…
Q: A buyer receives merchandise on September 7th that is involced for $3,250. The date on the invoice…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale…
A: 6/20 net 30 means that 6 percent discount will be given if payment is made with in 20 days and no…
Q: If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30,…
A: Lets understand the basics. Seller for attracting early payment, gives the discount term to the…
Q: A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business…
A: Credit terms 3/10, n/60 means customer will get a discount of 3% if payment is made within 10 days,…
Q: On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with…
A: The first question has been answered. Discount given as payment is received within 10 days = $2,600…
Q: The invoice of a Toy company amounts to 800 OMR was dated February 7, and offered terms 2/10, n/30…
A: Introduction: ROG: ROG Stands for Receipt of Goods. From the date of receipt of goods , due date to…
Q: Assume the following information: merchandise is sold on account to customer for P120,000, FOB…
A: Under FOB Shipping arrangement, the responsibility of seller is to deliver the goods to the shipping…
Q: On 6th August, Tasha purchased goods on credit from Nisha Ltd, with a list price of $3,360, less…
A: The cash balance due to suppliers is calculated after adjustment for purchase returns, and purchase…
Q: if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and…
A: Discount for early payment is allowed when the customer pays off an amount in a given time period as…
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…
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- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?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?
- If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?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. $500If 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?
- 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?Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.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.
- A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale are 5/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? $A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale are 6/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? $ 12,672 Need Help? Read It Watch It Master ItA retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.) $