What is the net cost of the merchandise

Assignment Help Financial Accounting
Reference no: EM131294945

A company purchases merchandise with a catalog price of $23,000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?

Reference no: EM131294945

Questions Cloud

Assuming no changes to selling price or costs : Victoria Company reports the following operating results for the month of April. Total Per Unit Sales (9,800 units) $519,400 $53 Variable costs 254,506 25.97 Contribution margin 264,894 $27.03 Fixed expenses 205,428 Net income $59,466 Management is c..
About the periodic inventory system : On September 12, Vander Company, Inc. sold merchandise in the amount of $2,500 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,725. Vander uses the periodic inventory system. On September 14, Jepson returns some o..
Required by the intercompany inventory transfers : Royal Group has owned sixty percent of the outstanding shares of Durban for a number of years. Durban reported net income for 2011 of $240,000. Since being acquired, Durban has regularly supplied inventory to Royal at twenty percent more than cost. W..
Using a standard deviation classification method : Which state has the highest percentage of owner-occupied housing units? Which one has the lowest? What are the percentages? Create a map showing the percentages using a standard deviation classification method.
What is the net cost of the merchandise : A company purchases merchandise with a catalog price of $23,000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount..
Maintaining accurate cost data in a job cost system : Explain two ways manufacturing overhead can be estimated. Explain the importance of maintaining accurate cost data in a job cost system. What is the difference between direct materials costs and indirect materials costs?
Encumbrances account and reserve for encumbrances account : Define the term expenditure and distinguish between that term and each of the following 1) expense 2) Disbursement 3) Encumbrance 4) Other financing use. Discuss the required disclosures for capital assets in a government's notes to the financial sta..
Part of the basic financial statements : List the seven fund financial statements that are required as part of the basic financial statements by GASB standards. What measurement focus and basis of accounting should be used in preparing each of these statements?
Persuasive evidence of an arrangement : On April 15, 201x, the ABC Company (ABC) enters into a contract with a customer to provide Product Z for $100,000. Delivery occurs on April 30, 201x. Payment terms, which are standard for ABC, are as follows: $50,000 due June 15, 201x, and $50,000 du..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the cost of the units transferred to department

Determine the cost of the units transferred to the next department? What does Acme's choice of costing system tell you about the product Acme makes and sells?

  Determine danny and marys taxable income

Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income. Determine Danny and Mary's taxable income.

  Analyze balance sheet and income statement of the company

Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection.

  Interest and savings

If an initial bank deposit of $5,000 yields an account value of $12,000 at the end of 10 years, what is the interest rate at work? If an initial deposit of $250,000 is made into an escrow account that pays 9% interest annually, what is the maximum am..

  Horizontal and vertical analysis of income

horizontal and vertical analysis of income statement.financial information for blevins inc. is presented

  What is the number of chips they would need to produce

The Kraft Co. manufactures computer chips at a variable cost of $4 per chip and sells them for $10 each. If the fixed cost is $12,000 per month, what is the number of chips they would need to produce at the break-even point?

  Compute the target selling price

Mussatto Corporation produces snowboards. The following per unit cost information is available: direct materials $12; direct labor $8; variable manufacturing overhead $6; fixed manufacturing overhead $14;

  Distribution of income or loss to partners

What are the income or loss shares of the annual partners if the partnership income is $87,000 - Distribution of Income or loss to partners

  Financial statements and adjusting-closing-reversing entries

Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing Entries.  Prepare an income statement, a statement of owner’s equity, and a balance sheet for the company. Assume the owner, Natalie Reed, made no additional inv..

  How much is net cash flow from financing activities

During 2011, Tommy's Toys reported the following: short-term borrowings of $419 million; long-term borrowings of $147 million; long-term debt repayments of $45 million; interest paid, $128 million; and treasury shares repurchased $632 million.

  When using the aging of accounts receivable method

Account Receivable: $21,456 debit balance; Net credit sales: $35,000; Estimated rate of uncollectible accounts: 3%; Allowance for doubtful accounts: $185 credit beginning balance; What amount of account receivable (net) is shown on the balance sheet ..

  Disclosed in the financial statements

How are cash equivalents reported or disclosed in the financial statements?

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