2. Gross and Net Method. Patient Retailers purchased merchandise with a list price of P150,000, subject to a trade discount of 15 percent and credit terms of 2/10, n/30. At what amount should Patient record the cost of this merchandise if the gross method is used?
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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?Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $20,100. What is the amount of sales discount allowable?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?
- Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?People’s Discount sells medical supplies and purchases their merchandise from a manufacturer. Review the following transactions and prepare the entries if People’s Discount uses: the perpetual inventory system the periodic inventory system Apr. 7 People’s Discount purchases 50 medical stands on credit at a purchase price of $15 per stand. The terms of the purchase are 5/10, n/45, with an invoice date of April 7. Apr. 11 People’s Discount returns 18 stands to the manufacturer for a full refund. Apr. 17 People’s Discount pays in full for the remaining stands, less the return.The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Trade discount c. Discount period d. Credit period
- Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are 2/10, n/30. What is the net cost of the goods assuming that if the retailer made the payment within the discount period?Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit
- Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $9,400 $366 FOB Shipping Point, 1/10, net 30 $900 (b) $9,300 $77 FOB Destination, 2/10, net 45 $2,000 a. $fill in the blank 1 b. $fill in the blank 2Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,100 $348 FOB Shipping Point, 1/10, net 30 $700 (b) $3,800 $124 FOB Destination, 2/10, net 45 $800 a. $ b. $The buyer received an invoice from the seller for merchandise with a list price of OMR 400 and credit terms 2/10, n/60, Find out Credit period, Discount period, Trade discount and Cash discount allowed