Question
In: Accounting
June 2Romeo received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB...
June 2Romeo received an $18,000 invoice from one of its suppliers. Terms
were 2/10 n/30, FOB shipping point.
3Romeo paid the freight bill amounting to $2,000.
4Romeo returned $2,500 of the merchandise billed on June 2 because it
was defective.
5Romeo sold $8,000 of merchandise on account, terms 3/15 n/30.
The cost of the merchandise sold was $5,100.
10Romeo paid the invoice dated June 2, less the return and the discount.
15A customer returned $2,500 of merchandise sold on June 5. The cost of
the returned merchandise was $1,450.
19Britt received payment on the remaining amount due from the sale of
June 5, less the return and the discount.
Requirement 1: Assume Romeo Merchandising uses a perpetual inventory system.
Requirement 2: Assume Romeo Merchandising uses a periodic inventory system.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
June 2Romeo received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB...
June 2Romeo received an $18,000 invoice from one of its
suppliers. Terms
were 2/10 n/30, FOB shipping point.
3Romeo paid the freight bill amounting to $2,000.
4Romeo returned $2,500 of the merchandise billed on June 2
because it
was defective.
5Romeo sold $8,000 of merchandise on account, terms 3/15
n/30.
The cost of the merchandise sold was $5,100.
10Romeo paid the invoice dated June 2, less the return and the
discount.
15A customer returned $2,500 of merchandise sold on June...
Merchandise with an invoice price of $16,100 is sold subject to terms of 2/10, n/30, FOB...
Merchandise with an invoice price of $16,100 is sold subject to
terms of 2/10, n/30, FOB shipping. The seller prepaid $151 for the
cost of transportation. How much does the seller record in the
Sales account at the time of the sale?
A sales invoice included the following information: merchandiseprice, $49,800; transportation, $1,900; terms 2/10, n/30, FOB...
A sales invoice included the following information: merchandise
price, $49,800; transportation, $1,900; terms 2/10, n/30, FOB
destination. Assuming that merchandise that cost $3,100 is returned
before it has been paid for, that the transportation is paid by the
seller, and that the invoice is paid within the discount period,
what is the amount of cash that buyer pays the seller?
A company received an invoice for $3904.85 dated June 14 with terms 6/15, 2/30, n/60. (a)...
A company received an invoice for $3904.85 dated June 14
with terms 6/15, 2/30, n/60.
(a) If the invoice is paid on June 20, how much is to be
paid?
(b) If the invoice is paid on July 11, how much is to be
paid?
(c) If the invoice is paid on August 10, how much is to be
paid?
1. A company received an invoice for $3904.85 dated June 14 with terms 6/15, 2/30, n/60. ...
1.
A company received an invoice for $3904.85 dated June 14 with
terms 6/15, 2/30, n/60.
(a) If the invoice is paid on June 20, how much is to be
paid? Round the final answer to the nearest cent as needed.
(b) If the invoice is paid on July 11, how much is to be
paid? Round the final answer to the nearest cent as needed.
(c) If the invoice is paid on August 10, how much is to be...
The Scientific Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30, n/90, for...
The Scientific Store received an invoice for $6710.00 dated July
13, terms 5/10, 2/30,
n/90, for a shipment of skis. Calculate the partial payments made
20 July to reduce the
balance to $4000.00 Round to nearest 100th.
Written please.
A company purchased $11,900 of merchandise on June 15 with terms of 2/10, n/45, and FOB...
A company purchased $11,900 of merchandise on June 15 with terms
of 2/10, n/45, and FOB shipping point. The freight charge, $1,450,
was added to the invoice amount. On June 20, it returned $2,320 of
that merchandise. On June 24, it paid the balance owed for the
merchandise taking any discount it is entitled to. The cash paid on
June 24 equals:
Trade Credit 20-10. Legacy Enterprises received an invoice from its supplier. The terms of credit were...
Trade Credit
20-10. Legacy
Enterprises received an invoice from its supplier. The terms of
credit were stated as 3/15, n45. Calculate the effective annual
interest rate on the trade credit.
Commercial Paper
20-11. Callaway Krugs
issues $2,000,000 in commercial paper for 90 days at a 3.8 percent
discount yield. Calculate each of the following.
a. Dollar
amount of the discount
b. Price
of the commercial paper
c. Effective annual interest rate on
the commercial paper
Effective Interest
Rate
20-12. Lugash wants to
buy...
A sales invoice included the following information: merchandise price, $66,300; transportation, $2,800; terms 1/10, n/30, FOB...
A sales invoice included the following information: merchandise
price, $66,300; transportation, $2,800; terms 1/10, n/30, FOB
shipping. Assuming that merchandise that cost $3,600 is returned
before it has been paid for, that the transportation is prepaid by
the seller, and that the invoice is paid within the discount
period, what is the amount of cash that buyer pays the seller?
A company received an invoice for $1734.68 dated October 9 with terms 6/15, 2/30, n/60. (a)...
A company received an invoice for $1734.68 dated October 9 with
terms 6/15, 2/30, n/60.
(a) If the invoice is paid on October 20, how much is to be
paid?
(Round the final answer to the nearest cent as needed. Round all
intermediate values to six decimal places as needed.)
(b) If the invoice is paid on November 6, how much is to be
paid?
(Round the final answer to the nearest cent as needed. Round all
intermediate values to...
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