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What discount will jake co recognize on the merchandise

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Reference no: EM132786755

The financial statement of Tin Company included the following:

Sales $1,000,000

Gross margin $300,000

Ending Inventory $100,000

Problem 1: Based on the information provided, what was the company's cost of goods sold?

A. $200,000

B. $600,000

C. $300,000

D. $200,000

Problem 2: Jake Co. Purchased on account merchandise with a list of $90,000. Payment terms were 1/15. n/45. If collection occurs within 18 days, what discount will Jake Co. recognize on the merchandise?

A. $13,500

B. $900

C. $500

D. $0

Reference no: EM132786755

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