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ZanzabumX [31]
3 years ago
12

A company purchased $10,700 of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight charge, $850

, was added to the invoice amount. On June 20, it returned $1360 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:______
a. $10,003.
b. $9,224.
c. $11,550.
d. $11,210.
e. $11,11Ο.
Business
1 answer:
Karolina [17]3 years ago
3 0

Answer:

a. $10,003.

Explanation:

The terms of 2/10, n/45 means that there is a 2% discount if the payment is made within 10 days of the sales date and rhe net credit period is 45 days.

Calculate total invoice value

Total Invoice value = Merchandise value + Freight Charges = $10,700 + $850 = $11,550

As the payment is made on June 24 within the discount period, the discount will be availed

Discount = ( Purchases made - Returns ) x 2% = ( $10,700 - $1,360 ) x 2% = $186.80 = $187

Now the Amount paid

Amount Paid = Invoice value - Return - Discount avaialed = $11,550 - $1360 - 187 = $10,003

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This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,350. Last year, his total tax liability was $15
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Answer:

Lloyd needs to increase his witholding tax to $1,560 this year in order to avoid the underpayment penalty .

Explanation:

As a rule, a citizen can maintain a strategic distance from an underpayment of punishment if their retention and evaluated assessment installment measure up to or surpass one of the two safe harbours

90% of current expense risk = 90% × $11,350

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100% of past assessment risk = $15,900

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Llyod should expand retaining or make payment this year in order to stay away from underpayment punishment

= $10,215 - $8,655

= $1,560

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3 years ago
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Examples of career that it would be difficult to work in

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Answer:

(b) U.S. residents want to buy more foreign bonds. The real exchange rate falls.

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