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suter [353]
2 years ago
7

A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,3

00, was added to the invoice amount. On June 20, it returned $2,080 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: Multiple Choice $12,280. $9,224. $12,900. $10,534. $12,380.
Business
1 answer:
dlinn [17]2 years ago
7 0

Answer:

$10,534

Explanation:

Net purchases before discount = $11,600 - $2,080 = $9,520

Since the company paid before 10 days, it takes 3% discount as follows:

Discount = $9,520 * 3% =  9,234.40 = $285.60

Net purchases after discount = $9,520 - $285.60 = $9,234.40

The company pays for the freight charge of $1,300 and net purchases after discount. Therefore, we have:

Cash paid = $9,234.40 + $1,300 = $10,534.40, or $10,534 approximately.  

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4 0
1 year ago
The oviedo thespians are planning to present performances of their florida revue on 2 consecutive nights in january. it will cos
bagirrra123 [75]
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7 0
2 years ago
What must a landlord or homeowner post that informs workers that the homeowner is not responsible for the work being performed?
Phantasy [73]

Answer:

A notice of cessation

Explanation:

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5 0
3 years ago
Jane has been operating Mansfield Park as a C corporation and decides she would like to make an S election. What is the earliest
podryga [215]

The earliest elections will come effective on January 1, 2016 for case a, b, d anf January 1, 2017 for rest options.

<h3>For different alternative scenarios:</h3>

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January 1, 2016

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January 1, 2016

c.)Jane makes the election on February 10, 2016. She needed a little time to convince a C corporation shareholder to sell its stock to a qualifying shareholder. That process took all of January, and she was glad to have it over with.

January 1, 2017

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3 0
1 year ago
Morgan Manufacturing recently sold goods that cost $35,000 for $45,000 cash. The journal entries to record this transaction woul
Alex777 [14]

Answer:

The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.

Explanation:

When Morgan Manufacturing sold goods, the company should make two journal entry to record Cost of goods sold and Sales revenue.

The entries:

1. Debit Cost of goods sold $35,000

Credit Finished-Goods Inventory $35,000

2. Debit Cash $45,000

Credit Sales revenue $45,000

The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.

4 0
2 years ago
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