Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10 n/40. What amount will Kurt Company pay to Marilyn Company, if Kurt Company takes advantage of the purchase discount?
Q: On July 15, 2021, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each.…
A: As you posted multiple sub parts in question we are answering first 3 sub parts only kindly repost…
Q: On June 1, 2018, JULLIES, Inc. sold merchandise with a list price of ₱40,000 to JELLY Corp. on…
A: Net purchase price = List price - trade discount = ₱40,000 - ₱40,000*(1-0.30)*(1-0.20) = ₱17,600
Q: Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells…
A: Given, Cost Price of grandfather watch = $ 10,000 The selling price of grandfather watch = $14,000…
Q: On July 15, 2021, the Nixon Car Company purchased 1,700 tires from the Harwell Company for $50 each.…
A: Under perpetual inventory method inventory is updated as soon as sales takes place.
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
Q: On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade…
A: Trade discount is offered to encourage the buyer to purchase the products in bulk size. This…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021.…
A: A cash discount is a reduction in the price paid for a product or service if you pay with cash…
Q: 2. On April 18, 2020, C Company purchased merchandise from Z Company amounting to P80,000 under the…
A: Cost of merchandise: The cost of products sold by a wholesaler or retailer is known as the cost of…
Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…
A: The discount can be of different types as trade discount and cash discount. The trade discount is…
Q: The Steven Furtick Company uses the net price method of accounting for cash discounts. In one of its…
A: The net realizable value is calculated as difference between gross sales and allowance for doubtful…
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.
Q: Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17,…
A: Gross method is an Method where Sales are recorded in Full value including the discount amount which…
Q: Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of…
A: Given, Invoice price = $13,100 Terms = 2/10, n/30
Q: If the Safe company sold merchandise on 2, April, for $2000 with terms of 2/10,N/30 ,and the…
A: We know that, Prepaid insurance is a asset account and Insurance expenses is an expense accounts.…
Q: Purchases transactions Elkhorn Company purchased merchandise on account from Springhill company for…
A: Cash required for the payment= Net purchases - Discount where, Net purchases = Goods purchased -…
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: Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of…
A: Introduction:- Backyard World buys plastic pools from a supplier Total Invoice amount of $13,500…
Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…
A: Gross method of accounting In case of gross method of accounting for purchase discount, purchase is…
Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: racy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…
A: Journal entry is a primary entry entry that records the financial transactions nitially.
Q: Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10, n/40. What…
A: Step 1 Discount is a benefit made available to the buyer by the seller for making payment against…
Q: A company purchases merchandise with a catalog price of $24,500. The company receives a 35% trade…
A: Trade discount: When a producer selling the product to a reseller instead of the end consumer, it…
Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…
A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…
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: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…
A: (1) Calculate the amount of refund owed to the customer.
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: . Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and…
A: Trade discounts Trade discounts are discounts given on the invoice value. Trade discounts are given…
Q: Hussain Company purchased inventory on account from a supplier for Rs. 65,000, terms 1/10, n/30.…
A: Periodic and perpetual inventory systems are two main systems of inventory valuation. Under periodic…
Q: Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade…
A: Note: 2/EOM, n/60: Here, 2 represents the discount rate if payment is made within two days after the…
Q: Honesty purchased an item with a catalog price of P10,000. The invoice dated March 1 indicates a…
A: The invoice is the written document showing the proof for the sale and purchase of goods. It in the…
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: ABC Co. purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and…
A: Solution: List price of merchandise = P90,000
Q: Golf World sold merchandise to Mulligans for $10,000, offering terms of 1/15, n/30. Mulligans paid…
A: Given that: Sale value of merchandise = $10,000
Q: Cormack purchased merchandise with a list price of P60,000 from the Murray. Murray offers its…
A: Discount amount = Lis price x discount rate = P60,000 x 2% = P1,200
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: Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods)…
A: Journal entry for trade discount is not recorded in the books of accounts
Q: On June 1, 2019 Ela Company sold merchandise with a list price of P1,000,000 to XYZ Company. Ela…
A: Solution: Net price = List price - Trade discount = P1,000,000 *(1-0.20) (1-0.10) = P720,000
Q: They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal…
A: Net Method Journal Entries Date General Journal Debit Credit 2-1-2021 Account…
Q: Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the…
A: 2/10, n/30 means 2% discount will be given if payment is made with in 10 days and final payment is…
Q: Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade…
A: Trade discount = List price x trade discount rate = P25000 x 35% = P8,750
Q: Sharleen purchased merchandise with a list price of $27,985. She receives a 2% cash discount and a…
A: Discount period is the time which is given to a customer to avail a discount. If the customer pays…
Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…
A:
Q: Castro Industries purchased $21,600 of merchandise on February 1, 2020, subject to a trade discount…
A: The periodic system does not maintain the record for cost of goods sold with every transaction in…
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: 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: A retailer purchases merchandise with a catalog list price of P15,000. The retailer receives a 15%…
A: Net purchases = Purchases worth - Purchase discount = P15,000 - P15,000 x 15% = P12,750
Q: 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000.…
A: The question is related with Perpetual Inventory method and Net Method for recording Inventory…
Q: Harmony trading purchased an item with a catalogue price of 17,000. The invoice dated Nov 1 2021…
A: Solution: Net purchase price after trade discount = 17,000*80% = 13,600
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- 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. $500Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of 2/10, n/30. What is the net cost of the goods if Kingbird, Inc. pays within the discount period?
- Cormack purchased merchandise with a list price of P60,000 from the Murray. Murray offers its customers credit terms of 2/10, n/30. What amount should Cormack pay if the cash discount is taken?A company purchases merchandise for $29,500. 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? Multiple Choice $29,500. O O $2,950. $28,910. $9,350. $20,650.They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.
- 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?first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.During 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 purchases? • How much is the invoice price? • Who is the seller?
- Help me with the solution: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?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?XYZ Company purchased inventory worth $50,000 on credit terms of 2/10, n/30. Calculate the amount XYZ Company would pay if they settle the invoice within the discount period.