Genentech which is a biotechnology firm reported

Reference no: EM13614689

a. Express Company sold goods for $20,000 to NorthwoodCompany on March 12 on credit. Terms of the sale were 2/10,n/30. At the time of the sale, Express recorded thetransaction by debiting accounts receivable for $20,000 andcrediting sales revenue for $20,000. Northwood paid thebalance due on March 20. To record the March 20 transaction,Express would debit cash and sale discount how much?

b. A company had the following partial listof account balances at year-end:

Sales Returns and Allowances	$ 1,000
Accounts Receivable	38,000
Sales Discounts (a contra- account)	2,100
Sales Revenue	95,000
Allowance for Doubtful Accounts	1,200

The amount of Net Sales shown on the income statement would be?

c. When credit terms for a sale are 2/15, n/40,the customer saves by paying the bill early. Approximatelywhat percent would this savings amount to on an annualbasis?

d. Genentech, which is a biotechnology firm, reported thefollowing revenues on their 2004 income statement; product sales$10,550 million. Their cost of sales was reported as $1,731million. What was their gross profit percentage?

Reference no: EM13614689

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