Solution-Compute net sales for the two months

Compute net sales for the two months

Assignment Help Accounting Basics

Reference no: EM13859041

The following transactions were selected from among those completed by Cadence Retailers in 2013:

Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10, n/30.

25 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2 percent credit card fee.

28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total); terms 3/10, n/30.

29 Customer D returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer.

Dec. 6 Customer D paid the account balance in full.

20 Customer B paid in full for the invoice of November 20, 2013.

Given

Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31, 2013. (Do not round your intermediate calculations.)

What do Net Sales=?

Reference no: EM13859041

Questions Cloud

Utility function-goods in order to maximize his utility : Linus has the utility function U(x1, x2) = x1 + 2x2. If the price of good 1 is $1 and the price of good 2 is 50 cents then Linus must consume equal amounts of both goods in order to maximize his utility.

What was the principal debt instrument used : The US economy borrowed heavily from the British in the nineteenth century to build a railroad system. What was the principal debt instrument used? Why did this make both countries better off?

Absolute value-current consumption bundle is strictly : The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.

What does the fed auction at the term-auction facility : The money multiplier equals 1/R, where R represents the quantity of reserves in the economy. If the money multiplier is 2 and the Fed buys $50,000 worth of bonds, what happens to the money supply? What does the Fed auction at the Term-Auction ..

Compute net sales for the two months : Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31, 2013. (Do not round your intermediate calculations.)

Examine decision-making systems and techniques : Examine decision-making systems and techniques to engage organisational intelligence and analyse how these can enhance entrepreneurial outcomes.

Determine the transaction price : Determine the transaction price for this contract.

Discuss the threat of terrorism : Discuss the threat of terrorism and distinguish between domestic terrorism and international terrorism. In your opinion, which of the two types of terrorism poses the greater threat to the United States

Evaluate the positive benefits and negative aspects : Evaluate the positive benefits and negative aspects

User Account

All Pages

Compute net sales for the two months

Reference no: EM13859041

Reference no: EM13859041

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT