Total amount paid for the merchandise

Assignment Help Accounting Basics
Reference no: EM13141265

A company purchased $4,000 worth of merchandise. Transportation costs were an additional $400. The company later returned $445 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise is:

Reference no: EM13141265

Questions Cloud

Find out the amount due on the note : MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
Compute the depreciation deduction : Compute the depreciation deduction for the computer system in 2006 and the cost recovery recapture. Assume that in 2004, Elaine had instead expensed under Section 179 the cost of the computer system. Compute the cost recovery recapture in 2006.
Problem related to mortgage on the land : Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Expected expenses of a child while studying : You Would like to make 43 equal payments over the next 21 years (The first payment to be made immediately all other payment to be made at 6 month internals, with the final payment to be made at he 21st. birthday. So that you will be able to cover ..
Total amount paid for the merchandise : A company purchased $4,000 worth of merchandise. Transportation costs were an additional $400. The company later returned $445 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise..
Pervasive factors-misstate assertions in expenditure cycle : Identify several pervasive factors that might motivate management to misstate assertions in the expenditure cycle.
Determine cost of goods using periodic system : Sampson Company's accounting records show the following at the year ending on December 31, 2010. Using the periodic system, the cost of goods sold is:
Individual income tax forms : Which of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax forms?
Basics of labor hours to activity-based costing : R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Using activity-based costing, how much assembly cost is assigned to deluxe racquets?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Research scholarly empirical journal review

Select a scholarly empirical journal article* in Business and craft a response that adheres to the following: Please do not use quotes or copy definitions. You must also place a reference list at the end of your work containing the textbook and the ..

  Equivalent units for conversion costs

Equivalent units for materials total 20,000. There were 16,000 units completed and transferred out. Equivalent units for conversion costs equals 18,000. How much are the physical units for conversion costs if ending work in process is 50% complete..

  What would be the impact on monthly profits

The normal selling price is $18 per unit. The company's capacity is 12,000 units per month. Due to the University of Alabama participating in the BCS National Championship Game, an order has been received from a retailer for 2,000 additional T-shi..

  Accounts receivable-inventory-partnership interest

After the distribution, Elsie's bases in the accounts receivable, inventory, and partnership interest are:

  Prepare the journal entries for the restructuring

Provide your manager a comparison of the current reporting for debt,explaining the requirements for each type (bond, mortgage, capital lease, andothers). Then, prepare the journal entries for the restructuring.

  Explain the term faithful representation

One of the qualitative characteristics included in the revised framework is "faithful representation". Please evaluate the significance of faithful representation in the preparation of Financial Statements. You should Explain the term "faithful re..

  Accumulated depreciation for the asset

Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2011. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets via the double-declining balance method.

  Technical and accounting specific language

Prepare the report using highly technical and accounting specific language to show that you are qualified to give the presentation.

  Discuss relevance of budgeting

Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.

  Analyzing the financial statements and assess

Choose a public company in the food industry. Analyze the financial statements and assess whether the financial performance has improved or declined year-over-year. A presentation of 5-10 powerpoint slides that include the following:

  Subsequent reissuance of the treasury stock

Assuming that the cost method of accounting for treasury stock transaction is used, what is time effect of the subsequent reissuance of the treasury stock on each of the following?

  Budgeted cash receipts from sales on account

Tandum Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $150,000 for March and $200,000 for April, what are the budgeted cash receipts from sales on a..

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