The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30. How much is the Purchase Discount if the company paid the account in full within the discount period?
Q: An item retailing for P10,000, subject to a trade discount of 25%, is paid for within the discount…
A: Here the terms 2/10,n/30 means 2% cash discount will be provided if payment has made with in 10…
Q: JBL undertook the following transactions for the month of Nov Purchased merchandise or $80,000 less…
A: Net purchase = purchase x (1- trade discount rate) x (1- trade discount rate) = 80000*(1-0.95)…
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A: Solution 1: Total trade discount = (P5,700,000*25%) + (P5,700,000*75%*5%) = P1,425,000 + P213,750 =…
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A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
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A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…
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A: Here is the answer for the above question.
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A: Net sales = Total sales - Sales return = $42000 - $4000 = $38000 Cost of goods sold =Original cost…
Q: Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10 n/40. What…
A: The correct answer is $4,900.
Q: Given credit terms of 3/10, n/30 on a sale of $2,000, calculate the sales discount, assuming payment…
A: credit terms: 3/10 - means 3% discount given if payment is made within 10 days
Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…
A: Formula: Discount amount = Invoice amount x Discount rate
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A: Trade discount is offered to encourage the buyer to purchase the products in bulk size. This…
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A: Discount means the amount which is not required to be paid or received. 30/10/5 means that 30%…
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A: Trade discount is that discount which is being given to all the customers on the list price of the…
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
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A: a.Calculate the requirement of cash to pay the merchandise purchased on account during the discount…
Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…
A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:
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A: Net Sales - Net Sales is calculated by following formula - Net Sales = Gross Sales - Sales Return…
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A: The trade discount is deducted from the list price of the merchandise. The sales price is calculated…
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A: Trade discount is the amount of discount allowed by the wholesaler of the goods on the sales made by…
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A: The interest is calculated based on certain terms and conditions. The payment is depends on time…
Q: On June 1, 2022, Pitt Corp. sold merchandise with a list price of Php 5,000 to Burr on account. Pitt…
A: Trade discount is providing in series of discount at the time of sale. Cash discount will be 2℅ if…
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A: Formula to Calculate net cost of Merchandise (Paid within the period):Net cost of merchandise =…
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A: Given, Invoice price = $13,100 Terms = 2/10, n/30
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A: The amount of a company's gross sales minus returns, allowances, and discounts is known as net…
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…
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A: Discount on sales value: When the customer pays the amount within discount period then customer is…
Q: Shell Company purchased merchandise inventory with an invoice price of $4,000 and credit terms of…
A: Given Information : Invoice price of merchandise inventory purchased = $4,000 Credit terms = 2/10,…
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: Sara Company sold merchandise on credit with a list price of P105,000 and a trade discount of 10%.…
A: Trade discount = list price x trade discount rate = P105,000 x 10% = P10,500 Net sales = list price…
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: 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: On June 1, 2020, ABC Company sold merchandise with a list price of P50,000 to XYZ Company on…
A: Under FOB destination, Goods are taken into inventory costing when goods are delivered to the buyer…
Q: What is the amount of sales from the above transactions
A: Discount: - When ever we buy something, we ask the seller to reduce the price of the item. But…
Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…
A: Invoice Price = 22,000 Credit Terms = 1/10,n/15 1% discount will be Provided if payment has made…
Q: How much is the accounts payable? • How much is the discount if paid in full within the discount…
A: The question pertains to discount allowed on timely payment. Whenever goods are sold on credit the…
Q: Vanessa company purchased P15,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB…
A: Credit terms 3/10, n/45 means that 3% discount will be allowed if amount will be paid on 10 days,…
Q: Merchandise with a list prike of P 20,000 was purchased under the terms 2/10, n/30 vith trade…
A: Purchase term: 2/10, n/30 means if payment is made within 10 days from Invoice date, a discount of…
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: On November 10, 2021, FDN Trading purchased goods for resale at a list price of P500,000 less 10-5…
A: Solution: It is assumed that FDN trading is using gross method of recording purchase. Amount of…
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 customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays…
A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…
Q: A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On…
A: Payment terms of 5/10, n/30 states that if the payment is made within 10 days then the buyer is…
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Purchases are recorded net of discount which means Accounts payable will be recorded as net of…
Q: Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the…
A:
Q: On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade…
A: The sales reports of the business are more likely to reveal the most precious source of marketing…
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…
The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30. How much is the Purchase Discount if the company paid the account in full within the discount period?
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- 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?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 $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?
- When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00The company purchased merchandise for ₱54,252 less 2 less 2 on terms 2/10, n/30. How much should the company pay if the account was paid in full within the discount 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?
- 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?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 ProfitDuring February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the accounts payable? • How much is the discount if paid in full within the discount period? • How much is the accounts receivable?
- Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what is the net cost of the merchandise?Assume that a company records purchases net of discount. If the company bought merchandise valued at P10,000 on credit terms 3/15, net 30, the entry to record a payment for half of the purchase within discount period would include a debit to * Accounts Payable for P4,850 and a credit to Cash for P4,850 Accounts Payable for P5,000 and a credit to Cash for P5,000 Accounts Payable for P4,850 and to Interest Expense for P150 and a credit to Cash for P5,000 Accounts Payable for P4,850 and to Interest Revenue for P150 and a credit to Cash for P5,000