1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Eddi Din [679]
3 years ago
15

During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as foll

ows:
Jan. 6 Sold goods for $1,500 to S. Green and billed that amount subject to terms 2/10, n/30.
6 Sold goods to M. Munoz for $850 and billed that amount subject to terms 2/10, n/30.
14 Collected cash due from S. Green.
Feb. 2 Collected cash due from M. Munoz.
28 Sold goods for $400 to R. Reynolds and billed that amount subject to terms 2/10, n/45.

Required:
Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.
Business
1 answer:
Murrr4er [49]3 years ago
6 0

Answer:

Net Sales                         $2720

Explanation:

Hancock Corporation

    Jan 6:   Sales                      $ 1500

Add Jan 6    Sales                      $ 850

Less Jan 14   Sales Discount     $ 30 ( 2% of $ 1500)

<u>Add Feb 28:   Sales                   $ 400</u>

<u>Net Sales                                  $2720 </u>

Only a 2% discount is given on the cash received on Jan 14  on the sales made on JAn 6 to S. Green  because the cash is received within the first ten days of sales made. The cash received on Feb 2 is not given the sales discount as it is received after ten days of the sales made. That is sales were done on Jan 6 to M. Munoz.  with the terms 2/10, n/30 meaning discount will be given within the first ten days . But as the payment was on Feb 2 almost 17 days later the discount is not given.

The term 2/10 n/30 means a two percent discount will be given if sales were  paid within the first ten days. So a discount is given to S. Green but not M. Munoz as payment is done after 10 days.

You might be interested in
When sales agent jane first contacted john, after her three-month vacation to barbados, was seller john her client?
Mashutka [201]

If  sales agent jane first contacted john, after her three-month vacation to barbados. No, seller john  was not her client?

<h3>Who is a sales agent?</h3>

A sales agent can be defined as someone whose sole responsibility is to sell product to potential customers and to as well market product to buyer.

Hence, seller John is not her client based on the fact that both John and Jane did not agreed on any agency relationship terms and agreement.

Learn more about sales agent here:brainly.com/question/25743891

#SPJ1

6 0
2 years ago
he three main types of banks (Traditional, Credit Union, Online or Online-Only) have many tradeoffs with respect to technology,
Tema [17]
The saving rate from the highest to the lowest would be :

Traditional Banks  +/-  5 % of rates

Online banks +/-    4 % of rates

Credit Union +/-    2.5 % of rates

hope this helps
4 0
3 years ago
Cool Air​ Inc., manufactures single room sized air conditioners. The cost accounting system estimates manufacturing costs to be
Tcecarenko [31]

Answer:

Selling price= $172.8

Explanation:

Giving the following information:

Manufacturing costs to be $ 240.00 per air​ conditioner

Consisting of 60​% variable costs and 40​% fixed costs.

Selling price= 20​% markup to full costs.

Because it is a special offer and there is unused capacity, we will not take into account the fixed costs:

Unitary cost= 240*0.6= $144

Selling price= 144*1.2= $172.8

6 0
3 years ago
How will knowing an organization’s culture help employees? By knowing an organization’s culture, employees will have an understa
Thepotemich [5.8K]

expectations about behavior and safety norms in the workplace.

6 0
3 years ago
Read 2 more answers
What is meant by consistency when discussing financial accounting information?
goblinko [34]

Answer:

The correct answer is letter "A": Information presented by a company applies the same accounting treatment to similar events, from period to period.

Explanation:

In accounting, consistency is the principle that states a company must use an accounting method for book-keeping its transactions and the same method should be used from one period to the following. However, the consistency principle allows the company to change the current method for a more preferred method.

6 0
3 years ago
Other questions:
  • The effect of bulky or heavy products on transportation costs can make _______ an inappropriate strategy.
    7·1 answer
  • A professor wanted to compare two types of teaching styles. One type is by tutorials and the other is giving a lecture. It is a
    6·1 answer
  • An affirmative action policy encourages employers to________
    8·1 answer
  • Nysa works in an electricity distribution company’s customer service department. One day she gets a call from a customer who is
    14·2 answers
  • During a strike by the United Steelworkers of America in 2010, Honeywell claimed that the union left nails in the plant parking
    9·1 answer
  • Many socialist nations in Europe are forced to use the "value-added" tax concept to raise money that is desperately needed to su
    15·1 answer
  • Stone Foods produces the majority of its cheese products in its U.S. based dairy division at a total outlay cost of $6.00 per un
    10·1 answer
  • Sole Occhiali Group, an Italian company that sells sunglasses, reported Net Sales of $181,000 and Cost of Goods Sold of $59,500.
    9·1 answer
  • The Capitalist Mutual Fund's portfolio is valued at $77.7 million. The fund has liabilities of $5.5 million, and the investment
    15·1 answer
  • Financial resources are also known as what?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!