Balance owed for the merchandise

Assignment Help Financial Accounting
Reference no: EM13864847

A company purchased $8,600 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $430 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:

$7,968.

$8,342.

$7,925.

$8,170.

$8,600.

Reference no: EM13864847

Questions Cloud

Adjusting entry for accrued and unpaid employee salaries : The correct adjusting entry for accrued and unpaid employee salaries of $8,000 on December 31 is.
How to analyze electric circuit : How to Analyze Electric Circuit through Norton's Theorem ? ( Need an easy step by step procedure with examples )
What is the amount of liabilities : A company's balance sheet shows: cash $39,000, accounts receivable $45,000, equipment $80,000, and equity $87,000. What is the amount of liabilities?
What is the weighted average contribution margin per unit : Cobb Corporation produces three products, A, B and C. The normal volume is 900 units of A, 120 units of B and 180 units of C. The price per unit is $5, $7, $10, for products A, B, and C, respectively. The variable cost per unit is $2, $3, $4, for pro..
Balance owed for the merchandise : A company purchased $8,600 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $430 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24..
What is the net cost of the merchandise : A company purchases merchandise with a catalog price of $25,000. The company receives a 30% trade discount from the seller. The seller also offers credit terms of 3/10, n/30. Assuming no returns were made and that payment was made within the discount..
Accounts receivable asset increases : If Houston Company billed a client for $18,000 of consulting work completed, the accounts receivable asset increases by $18,000 and:
How does a decrease in u.s interest rates : How does a decrease in U.S interest rates affect the EU/U.S exchange rate?
What is the amount of stockholders equity : A company's balance sheet shows: cash $48,000, accounts receivable $29,000, office equipment $63,000, and accounts payable $30,000. What is the amount of stockholders' equity?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd