M.L.C. Company received the following invoice:B.J. LIMITEDToronto, OntarioSold to:Terms:Quantity142071429M.L.C. CompanyHamilton, Ontario3/10, 2/20, n/30DescriptionA3calculatorsJ5 desksM9 bindersJ1 pencilsK4 booksList Price(per unit)49.95trade and cash discou132.803.500.50TradeDiscounts20/5105/2510/829.95Freight Charges:Invoice No: 4061Date: May 26Net Price Amount(per unit)73.10Having received the above merchandise, 2 of the J5 desks were damaged and thusreturned on May 29.If payments of $1500 and $1800 were made on May 31 and June 10 respectively,determine the balance owing on June 20.

The payment conditions specified on an invoice are called credit terms. In order to speed up the…

M.L.C. Company received the following invoice: B.J. LIMITED Toronto, Ontario Sold to: Terms: Quantity 14 20 7 M.L.C. Company Hamilton, Ontario 3/10, 2/20, n/30 Description A3 calculators J5 desks M9 binders List Price (per unit) 49.95 132.80 3.50 Trade Discounts 20/5 10 5/2 Invoice No: 4061 Date: May 26 Net Price (per unit) Amount

M.L.C. Company received the following invoice: B.J. LIMITED Toronto, Ontario Sold to: Terms: Quantity 14 20 7 M.L.C. Company Hamilton, Ontario 3/10, 2/20, n/30 Description A3 calculators J5 desks M9 binders List Price (per unit) 49.95 132.80 3.50 Trade Discounts 20/5 10 5/2 Invoice No: 4061 Date: May 26 Net Price (per unit) Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Che TB MC Qu. 8-58 (Algo) Cinnamon Buns Co. (CBC) started 2021 with... Cinnamon Buns Co. (CBC) started 2021 with $60,500 of merchandise on hand. During 2021, $297,000 in merchandise was purchased on account with credit terms of 2/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $17,500. Merchandise with an invoice amount of $7,400 was returned for credit. Cost of goods sold for the year was $333,000. CBC uses a perpetual inventory system. Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the merchandise on hand at the beginning of 2021 was determined by a physical count that failed to realize that $18,500 of merchandise was being held on consignment for Frosting R Us Inc. What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts? Multiple Choice
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