How much cash will Bright receive from Woodson Corp

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Reference no: EM132788134

Questions -

Q1. Bright, Inc. offers terms of 2/10, n/30 to credit customers. Woodson Corp. purchased 100 golf novelty lamps with a list price of 20 each on March 5, 2020, on account. If Woodson Corp. pays the amount of the invoice for its purchase on March 14, 2020, how much cash will Bright receive from Woodson Corp.?

1,764

1,800

1,960

2,000

Q2. Silver's Inc. 2020 Income statement shows the following : Purchases 182,000 Transportation-In 11,000 Inventory, January 1, 2020 26,500 Inventory, December 31, 2020 28,800 Purchase Returns and Allowances 8,400. How much will Silver report as cost of goods purchased in its 2020 income statement?

184,600

193,000

201,400

211,100

Q3. On April 30, 2019, Shark Corporation purchased for P30 per share all 200,000 of Fins Corporation's outstanding ordinary share. On this date, Fin's balance sheet showed net assets of P5,000,000. Additionally, the fair value of Fin's identifiable assets on the same date was P600,000 in excess of their carrying amount. What amount should Shark report as goodwill in its April 30, 2019 consolidated balance sheet?

0

400,000

600,000

1,000,000

Reference no: EM132788134

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