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andrey2020 [161]
3 years ago
6

A company purchased inventory for $ 2 comma 000 from a vendor on​ account, FOB shipping​ point, with terms of 2​/10, ​n/30. The

company paid the shipper $ 200 cash for freight in. The company then returned damaged goods worth $ 400. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory​ balance, the cost of inventory would be​ ________. (Assume a perpetual inventory​ system.)
Business
1 answer:
Flauer [41]3 years ago
8 0

Answer:

Inventory would be 1, 768

Explanation:

2,000  goods

 +200  freight-in (A)

  -400  returned goods

 <u>   -32 </u> discount (B)

1, 768 net amount for inventory

<u>Notes:</u>

(A) The freight-in will be included in the inventory, as is a cost needed to have the inventory in the company's possession and be ready to use or sell.

(B) goods x discount rate

net goods 2,000 - 4,00 return = 1,600

discount for payment within 10 days 2%

Discount on purchase: 1,600 x 2% = 32

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The percentage sign represents zero, one, or a couple of characters. The <u>underscore </u>represents a single wide variety or a character. The wildcard character, the <u>underscore,</u> would match a single character.

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1 year ago
The primary difference between the capital adequacy ratio (car) and the leverage ratio (lr) is?
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5 0
2 years ago
Several years ago, Grant County was sued by a former County employee for wrongful discharge. Although it was to be contested by
vovangra [49]

Answer:

d) Debit Expenses $50,000 and Claims payable $100,000; Credit Cash $150,000.

Explanation:

As for the information provided,

There was this law suit against the company from past several years. Where the lawyers already estimated that liability on the company will arise amounting $100,000.

Thus, on the provisional basis such claims of $100,000 would have been provided ideally.

Now, after final judgement the court had cleared about the claim which is $150,000.

Thus, entry to record such claim of $150,000 will be:

Expenses A/c Dr.               $50,000

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7 0
3 years ago
For the year ended December 31, Ion Corp. had cash inflows of $25,000 from the purchases, sales, and maturities of held-to-matur
77julia77 [94]

Answer:

The amount of net cash flow from investing activities that ion should report in its cash flow statement is $65,000.

Explanation:

A cash flow statement is one of the financial statements which will tell how changes in income statement and balance sheet accounts will affect the company's cash inflow and outflow. This statement will break down the analysis in to operating , investing and financing activities.

For taking out the net cash flow in investing activities, purchase activities are added and sale activities are subtracted and from the given information in the question , it is clear that both are purchasing activities, therefore

NET CASH FLOW FROM INVESTING = $25,000 + $40,000

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5 0
2 years ago
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The answer to this question is, "a much larger percentage of the total dollars sold online are organizational transactions."

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