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.
| 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 | ||||
Solutions
Expert Solution
Calculate amount paid
| a | b | |
| Merchandise cost | 36000 | 44900 |
| Less: Return and allowance | -4000 | -2400 |
| Net purchase | 32000 | 42500 |
| Less: Discount | -320 | -850 |
| Cost of purchase | 31680 | 41650 |
| Add: Freight paid | 375 | |
| Amount paid | 31680 | 42025 |
ekkarill92 answered 2 years agoRelated Solutions
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b)
PE 6-4A 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.MerchandiseFreightPaid by SellerFreight TermsReturns andAllowancesa.$90,000$1,000FOB shipping point, 1/10, n/30$15,000b.110,0001,575FOB destination, 2/10, n/308,500PE 6-4B 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...
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.$
Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement...
Determining Amounts to be Paid on Invoices
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.
$19,400
—
FOB destination, n/30
$1,000
b.
12,400
$500
FOB shipping point, 2/10, n/30
1,500
c.
8,700
—
FOB shipping point, 1/10, n/30
800 ...
Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement...
Determining Amounts to be Paid on Invoices 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 Freight Paid by Seller Returns and Allowances
a. $21,700 - FOB destination, n/30 $1,100 b. 11,100 $400 FOB
shipping point, 1/10, n/30 1,300 c. 8,300 - FOB shipping point,
2/10, n/30 700 d. 2,600 100...
Determining amounts to be paid on invoices Determine the amount to be paid in full settlement...
Determining amounts to be paid on invoices
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
c.
21,800
—
FOB shipping point, 2/10, n/30
4,200 ...
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming...
Determine the amount to be paid by the buyer for full settlement
of each invoice, assuming that credit for returns and allowances
was received prior to payment and that all invoices were paid
within the discount period.
Merchandise
Transportation Paid by Seller
Transportation Terms
Returns and Allowances
(a)
$8,900
$220
FOB Shipping Point, 1/10, net 30
$900
(b)
$10,200
$93
FOB Destination, 2/10, net 45
$2,200
a.
$
b.
$
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming...
Determine the amount to be paid by the buyer for full settlement
of each invoice, assuming that credit for returns and allowances
was received prior to payment and that all invoices were paid
within the discount period.
Merchandise
Transportation Paid by Seller
Transportation Terms
Returns and Allowances
a.
$9,800
$356
FOB shipping point, 1/10, net 30
$1,000
$
Merchandise
Transportation Paid by Seller
Transportation Terms
Returns and Allowances
b.
$5,600
$78
FOB destination, 2/10, net 45
$1,200
$
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.
QS 5-4 Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.
Merchandise (gross)
Terms
Payment
a.
$8,800
2/10, n/60
b.
25,700
1/15, EOM
c.
82,600
1/10, n/30
d.
19,500
3/15, n/45
Compute the amount to be paid for each of the four separate
invoices assuming that all invoices are paid within the discount
period.
Determine the amount of cash paid for merchandise.
The cost of merchandise sold reported on the income statement was $770,000. The accounts payable balance decreased $44,000, and the inventory balance decreased by $66,000 over the year. Determine the amount of cash paid for merchandise.
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