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Nikitich [7]
3 years ago
6

Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allow

ances was received prior to payment and that all invoices were paid within the discount period:
Merchandise Freight Paid by Seller Returns and Allowances
a. $32,000 --- FOB destination, n/30 $1,600
b. 12,800 $300 FOB shipping point, 2/10, n/30 2,500
c. 21,000 --- FOB shipping point, 1/10, n/30 4,000
d. 9,000 175 FOB shipping point, 2/10, n/30 1,000
e. 77,400 --- FOB destination, 1/10, n/30 ---
Business
1 answer:
Mice21 [21]3 years ago
4 0

Answer:

a. $30,400

b. $10,394

c. $16,830

d. $8,015

e. $76,626

Explanation:

a. Amount to be paid in full settlement = Merchandise - Returns and Allowance

= ($32,000 - $1,600)

= $30,400

b. Amount to be paid in full settlement = (Merchandise - Returns and Allowance) - (Remaining balance × 2%) + Freight Paid by Seller

= ($12,800 - $2,500) - ($10,300 × 2%) + $300

= $10,300 - $206 + $300

= $10,394

c. Amount to be paid in full settlement = (Merchandise - Returns and Allowance) - (Remaining balance × 1%)

= ($21,000 - $4,000) - (17,000 × 1%)

= $17,000 - $170

= $16,830

d. Amount to be paid in full settlement = (Merchandise - Returns and Allowance) - (Remaining balance × 2%) + Freight Paid by Seller

= ($9,000 - $1,000) - ($8,000 × 2%) + $175

= $8,000 - $160 + $175

= $8,015

e. Amount to be paid in full settlement = Merchandise - (Merchandise × 1%)

= $77,400 - ($77,400 × 1%)

= $77,400 - $774

= $76,626

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Scarlet Corporation, the parent corporation, has a basis of $600,000 in the stock of Brown Corporation, a subsidiary in which Sc
Anon25 [30]

Answer:

$950,000

Explanation:

As per IRS section 332, in the case when the parent company received a property when the complete liquidation of subsidiary company is done so the receipts of such property would not recorded either any loss or gain. Also the basis of the parent company assets would be carry over basis.

So here the basis would be $950,000

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3 0
3 years ago
Michael receives a monthly salary of $2500 plus a commission of 2% of total orders written. If his orders for the month were $34
Bumek [7]

Answer:

$3,180

Explanation:

Monthly salary would be the base salary = $2500

Since he would earn 2% of all orders, calculate the dollar value of the commission when total orders amount to $34000;

Commission = 2% *34000 = $680

His total pay would be calculated by adding the base salary to the commission amount;

Total pay = base salary + commission

Total pay = $2500 + $680

Total pay = $3,180

7 0
3 years ago
you want to buy a house for $216,500. you can get a loan for 90% of value. you will also have to pay 1.5 points on the loan. if
Stells [14]

The amount the borrower would deliver at closing is $21,974.75

What does 1.5 points mean for mortgage?

The 1.5 points refer to 1.5% of the loan amount, as a result, the total amount the borrower would have to deliver at closing is the down payment of 10%(100%-90%) plus 1.5% of the loan amount

loan amount=purchase price*90%

purchase price=$216,500

loan amount=$216,500*90%

loan amount=$194,850

down payment=purchase price-loan amount

down payment=$216,500-$194,850

down  payment=$21,650

1.5% of down payment=1.5%*$21,650

1.5% of down payment=$324.75

total payment at closing=$21,650+$324.75

total payment at closing=$21,974.75

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3 0
1 year ago
What is an erp system? how does an erp system enforce best practices for an organization?
Stella [2.4K]

An ERP (enterprise resource planning) system is a software application that includes a centralized database and is used throughout a company. It enforces best practices through the software's business processes.

Enterprise Resource Planning (ERP) is business management software that enables a company to use a collection of interconnected applications. The ERP systems automate and simplify the operations, resulting in a leaner, more accurate and more efficient organization. ERP gives the unparalleled visibility into the  main business activities.

ERP may integrate information and procedures in one location rather than managing each aspect of the  firm with a separate system. This streamlines tasks, automates procedures, and allows all parts of the supply chain to work more efficiently.

As a result, an ERP (enterprise resource planning) system is a software program with a centralized database that is utilized throughout a business. It enforces best practices through the business operations of the program.

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8 0
2 years ago
Clare purchases a single product for $15 and sells it for $30. Forecasted sales for the next three months are July 4,000 units,
anastassius [24]

Answer:

Budgeted purchases in units for August are 6600 units

Explanation:

The budgeted purchases in units for August under the policy followed by the company will be as follows.

The units required to meet August sales are 6000 units.

The opening inventory in August will be 40% of August sales that is 0.4 * 6000 = 2400 units

Thus, the units need to be purchased in August to meet August sales = 6000 - 2400 = 3600 units

In August, we also need to purchase enough units to cover 40% of September sales. Units needed in August for September sales = 0.4 * 7500 = 3000 Units

Purchases in August = Purchases required to meet August sales - Purchases required to meet the desired ending inventory

Purchases in August = 3600 + 3000 = 6600 units

5 0
3 years ago
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