Question
In: Accounting
Freight Terms Determine the amount to be paid in full settlement of each of two invoices,...
Freight Terms
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.
| Merchandise | Freight Paid by Seller |
Freight Terms | Returns and Allowances |
|||||
| a. | $8,200 | $300 | FOB destination, 1/10, n/30 | $1,600 | ||||
| b. | 3,400 | 600 | FOB shipping point, 2/10, n/30 | 900 | ||||
| a. | $fill in the blank 1 |
| b. | $fill in the blank 2 |
Solutions
Expert Solution
a)
Payment to be made in full and final settlement = (Gross Purchase - Returns and allowances)* 99%
= ($8,200 - $1,600)* 99%
= $6,534
b)
Payment to be made in full and final settlement = (Gross Purchase - Returns and allowances)* 98% + Freight
= ($3,400 - $900)* 98% + $600
= $3,050
I HOPE IT USEFUL TO YOU IF YOU HAVE ANY DOUBT PLZ COMMENT GIVE ME UP-THUMB. THANKS..
ekkarill92 answered 2 hours agoRelated Solutions
Freight Terms Determine the amount to be paid in full settlement of each of two invoices,...
Freight Terms
Determine the amount to be paid in full settlement of each of
two invoices, (a) and (b), assuming that credit for returns and
allowances was received prior to payment and that all invoices were
paid within the discount period.
Merchandise
Freight
Paid by Seller
Freight Terms
Returns and
Allowances
a.
$36,000
$800
FOB destination, 1/10, n/30
$4,000
b.
44,900
375
FOB shipping point, 2/10, n/30
2,400
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b)
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PLEASE ANSWER ASAP!! Freight Terms Determine the amount to be paid in full settlement of each...
PLEASE ANSWER ASAP!!
Freight Terms
Determine the amount to be paid in full settlement of each of
two invoices, (a) and (b), assuming that credit for returns and
allowances was received prior to payment and that all invoices were
paid within the discount period.
Merchandise
(Invoice Amount)
Freight
Paid by Seller
Freight Terms
Returns and
Allowances
(Invoice
Amount)
a.
$24,000
$300
FOB destination, 1/10, n/30
$2,000
b.
31,500
250
FOB shipping point, 2/10, n/30
2,500
a.$
b.$
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the following invoices, assuming that credit for returns and
allowances was received prior to payment and that all invoices were
paid within the discount period:
Merchandise
Invoice Amount
Freight
Paid by Seller
Customer Returns
and Allowances
a.
$19,400
—
FOB destination, n/30
$1,000
b.
12,400
$500
FOB shipping point, 2/10, n/30
1,500
c.
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—
FOB shipping point, 1/10, n/30
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Determining amounts to be paid on invoices Determine the amount to be paid in full settlement...
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Determine the amount to be paid in full settlement of each of
the following invoices, assuming that credit for returns and
allowances was received prior to payment and that all invoices were
paid within the discount period:
Merchandise
Invoice Amount
Freight
Paid by Seller
Customer Returns
and Allowances
a.
$33,500
—
FOB destination, n/30
$1,700
b.
12,700
$310
FOB shipping point, 2/10, n/30
2,500
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—
FOB shipping point, 2/10, n/30
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Merchandise
Transportation Paid by Seller
Transportation Terms
Returns and Allowances
(a)
$8,900
$220
FOB Shipping Point, 1/10, net 30
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(b)
$10,200
$93
FOB Destination, 2/10, net 45
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b.
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within the discount period.
Merchandise
Transportation Paid by Seller
Transportation Terms
Returns and Allowances
a.
$9,800
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FOB shipping point, 1/10, net 30
$1,000
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Transportation Paid by Seller
Transportation Terms
Returns and Allowances
b.
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FOB destination, 2/10, net 45
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