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What is the amount of the check that Valley will prepare

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Q1. Hill Company sells merchandise on account for $ 10,621 to Karr Company with credit terms of 2/10, n/30. Karr Company returns $ 1,082 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the discount?

Q2. Comprest Company has the following account balances: Purchases of $ 8,370, Purchase Returns and Allowances of $ 935, Purchase Discounts of $ 1,528, Freight-In of $ 86, Freight-Out of $ 62,and Beginning Inventory of $ 4,804. What is the Cost of Goods Available for Sale?

Q3. Comprest Company has the following account balances: Purchases of $ 11,775, Purchase Returns and Allowances of $ 1,637, Purchase Discounts of $ 1,761, Freight-In of $ 86, Freight-Out of $ 99,and Beginning Inventory of $ 3,400. What is their Cost of Goods Purchased?

Q4. Comprest Company has the following account balances: Purchases of $ 9,609, Purchase Returns and Allowances of $ 2,182, Purchase Discounts of $ 1,640, Freight-In of $ 251, Freight-Out of $ 244,and Beginning Inventory of $ 5,683. What is their Net Purchases?

Q5. Valley Company purchases merchandise on account for $5,193 from Corn Company with credit terms of 3/10, n/30, FOB shipping point. Corn Company directly pays the shipper $337 cash for freight. What is the amount of the check that Valley will prepare if they pay Corn Company within the discount period?

Reference no: EM132726572

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