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Andrei [34K]
3 years ago
7

Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500

of the merchandise and received full credit.
a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?
b. What account is debited by Hoffman Company to record the return?
Business
1 answer:
Stella [2.4K]3 years ago
3 0

Answer: a. $56925 ; b. Account payable

Explanation:

a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?

Purchase invoice = $65000

Less: Return = ($7500)

Net Purchase Invoice = $57500

Less: Discount = $57500 × 1% = $575

Cash received = $56925

b. What account is debited by Hoffman Company to record the return?

The account that is debited by Hoffman Company to record the return is the account payable.

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Keynesians a. advocate for a laissez-faire approach. b. believe that equilibrium may exist at less than full employment.c. belie
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Answer:

c. believe in the use of fiscal policy to stabilize the economy.

Explanation:

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3 years ago
Planning for capital expenditures is necessary for all of the following reasons except:
True [87]

Answer:

The correct answer is (C)

Explanation:

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Answer:

a. level 3

b.level 1

c. level 2

Explanation:

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Hope that helps!
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