What is the amount of cash that buyer pays the seller

Assignment Help Accounting Basics
Reference no: EM131890998

Question -

A sales invoice included the following information: merchandise price, $68,000; transportation, $2,400; terms 1/10, n/30, FOB shipping. Assuming that merchandise that cost $3,600 is returned before it has been paid for, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash that buyer pays the seller?

A company has 13 units in inventory at the beginning of May and paid $65 for each unit. On May 2, the company buys 18 more units and pays $67 for each unit. On May 5, the company sells 22 units for $99 each. If the company maintains its inventory using LIFO, what is the cost of merchandise sold?

Reference no: EM131890998

Questions Cloud

What will the price be for this bond in 5 years : Let's assume that in 5 years, the YTM on this increases to 5.24%. What will the price be for this bond in 5 years?
What is the value of the firm tax shield : The firm's tax rate is 36 %. What is the value of the firm's tax shield (i.e. the change in firm value due to the use of leverage in the capital structure)?
Estimate of the current stock price : The required return on equity market is 9.5%, the risk-free rate is currently 3.5% and the company is beta is 1.75. What is your estimate of the current stock p
What is the profitability index of the investment : You are offered an investment with returns of $ 1,184 in year 1, $ 3,447 in year 2, what is the Profitability Index of the investment?
What is the amount of cash that buyer pays the seller : A sales invoice included the following information: merchandise price, $68,000; what is the amount of cash that buyer pays the seller
How can we fix a moral hazard problem using debt : How can we fix a moral hazard problem using debt? What if marketable debt (issuing bonds) doesn't provide enough monitoring or bonding to fix the problem?
Describe the market placement of your product : Describe the market placement of your product. This can be integrated into your pricing strategy argument.
Build your own method for solving the linear system : Use the described general schema to build your own method for solving the given linear system. Implement your algorithm and then compare results
Vanderbilt afford to pay today for refinancing charges : how much can Mrs Vanderbilt afford to pay today for refinancing charges?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Venetian corporation manufactures car stereos it is a

venetian corporation manufactures car stereos. it is a division of berna motors which manufactures vehicles. venetian

  Compute the flexible- budget variance

Compute the flexible- budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead

  How should key company report the proceeding facts

How should Key company report the proceeding facts in its balance sheets and income statements for both years? Discuss the rationale of your answer

  Marketing is a decentralized firm specializing in designing

marketing is a decentralized firm specializing in designing and operating internet marketing web sites. the firm is

  Affect of accounting change on prior periods

A certain income tax rate for all years, the affect of accounting change on prior periods should be reported by a credit of what amount and on what report - The company's income statement for the year ended December 31, should show the cumulative ..

  Corporation has a sales budget for next month of 600000

corporation has a sales budget for next month of 600000. cost of goods sold is expected to be 30 percent of sales. all

  Difference working in public accounting vs corporate sector

The differences between working in public accounting versus in the corporate sector. Recent significant events impacting the accounting profession such as the passage of Sarbanes-Oxley Act (SOX), the convergence between U.S. GAAP and IFRS.

  Determine the predetermined operating room

Determine the predetermined operating room overhead rate for the year. Gretchen Kelton had a 6-hour procedure on November 10. How much operating room overhead would be charged to her procedure, using the rate determined in part (a)?

  Prepare a bank reconciliation for business solutions

Santana Rey receives the March bank statement for Business Solutions on April 11, 2012. The March 31 bank statement shows an ending cash balance of $67,566.

  What is the division turnover

What is the division's margin? What is the division's turnover?. What is the division's ROI?

  Double west suppliers dws reported sales for the year of

double west suppliers dws reported sales for the year of 360000 all on credit. the average gross profit percentage was

  Which statement about subsidiary ledgers is most accurate

Which statement about subsidiary ledgers is most accurate? If a credit memorandum is issued, which account will be decreased on the seller's books?

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