Compute the amount of the cash paid on August

Reference no: EM132722338

Question - Red Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. Compute the amount of the cash paid on August 26?

Reference no: EM132722338

Questions Cloud

What are mr sawyer motives for establishing the percentage : Find the equivalent cost per unit. What are Mr. Sawyer's motives for establishing the percentage of completion at 60 percent rather than 40 percent.

What are a obligations for reporting detected weaknesses : What are A's obligations for reporting detected weaknesses in the internal control system of Small Company Ltd

Calculate the amount of annual loan repayment : Calculate the amount of annual loan repayment. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Create a statement of shareholders equity in proper format : Sals Ltd. reported the balances, Make a statement of shareholders' equity in proper format for Sals Ltd. for the year ended December 31, 2019.

Compute the amount of the cash paid on August : On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. Compute the amount of the cash paid on August 26

Construct a 2 period binomial lattice : A stock is priced at $100. It pays a continuous dividend of 2% per year. The riskless rate is 3% per year continuously compounded.

Explain how each situation could indicate a fraud risk : Required - Explain how each situation could indicate a fraud risk and how the auditor could confirm or dispel it

What is the internal rate of return for blue corporation : Blue Corporation recently purchased a new machine for $339,013.20 with a ten-year. Net cash flows will be $60,000 per year. What is the internal rate of return?

How much conversion cost was assigned to the ending work : How much conversion cost was assigned to the ending work in process inventory in the Production Department for November

User Account

All Pages