User Account

All Pages

What the net cost of purchase is

Assignment Help Financial Accounting
Reference no: EM132524732

Question 1: A company has purchased inventory for $2,100 on account, FOB shipping point, with terms of 2/10, n/30. The company then returned damaged goods worth $220. The sales discount is $35. The freight-in costs are 110 and the freight-out costs are $70. Based on this information, the net cost of purchase is:

Select one:

Option a. $ 1910

Option b. $ 1955

Option c. $ 1880

Option d. Another amount

Reference no: EM132524732

Questions Cloud

Create entry for marco bhd relate to equity investment : Prepare journal entries for Marco Bhd related to equity investments.In each investment above, Marco Bhd acquired less than 20 percent of interest in company.
Discuss how your states is an independent practice : Discuss how your states is an independent practice or practice restricted state. Describe the prescriptive authority for your state.
Prepare extract of the statement of profit or loss : Prepare extract of the Statement of Profit or Loss and Other Comprehensive Income for the year ended 2017. Prepare related journal entries to record
Database administration and data governance : Describe how SQL constructs could be used to create data definition language (DDL) and data manipulation languages (DML).
What the net cost of purchase is : The sales discount is $35. The freight-in costs are 110 and the freight-out costs are $70. Based on this information, the net cost of purchase is
Prepare awesomes August journal entry : Awesome Company sold 15,000 annual subscriptions on August 1, 2019, for $20 each. Prepare awesome's August 1, 2019, journal entry
Demonstrate a high level of personal autonomy : Synthesise a body of knowledge that includes the understanding of recent developments in the field of managing people
Differentiate among several types of shock : Differentiate among several types of shock: cardiogenic, hypovolemic, obstructive, distributive, and septic. Explain the pathophysiology of each.
Massively multiplayer online role-playing games : Describe cognitive social phenomena that occur specifically to the context of the MMORPG that wouldn't happen in a face-to-face checkers game.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Sales taxes should be recognized when the underlying event

Sales taxes should be recognized when the underlying event takes place. A state requires “large” merchants (i.e., those with sales over a specified dollar amount) to report andremit their sales taxes within 15 days of the end of each month. Prepare a..

  How much of the bond proceeds to allocate to the bond

Calculate how much of the bond proceeds to allocate to the bond and how much to the option. Prepare the journal entry to record the issuance of the bond

  Alex anderson recently won lottery

Alex Anderson recently won a lottery and has the option of receiving one of the following three prizes: Assuming an interest rate of 6%, which option should Alex choose?

  Controls for granting credit to new customers

Ken Smith, the partner in charge of the audit of Houghton Enterprises, identified the following significant deficiencies during the audit of the December 31, 2007, financial statements: Controls for granting credit to new customers were not adequate...

  Find a company that has investments and equity securities

What the underlying fundamental concept is that governs what expenses should be capitalized and what should be expensed.

  How much should be the value of fina shares

Common stock dividend at the end of this year. The dividends are expected to grow at 6% per year forever. How much should be the value of FINA's shares?

  Determine amount of morley itemized deduction

During the year, Morley, a single taxpayer, had an AGI of $30,000 before considering the following items: Determine amount of Morley itemized deduction

  Record wages for the last day of may that have not been paid

Sunny pays every week on Friday. May 31st was a Wednesday. Record the wages for the last days of May that have not been paid.

  What rate of interest will sarah be earning

Sarah Denny purchased an investment for $40,260.48. From this investment, she will receive $6,000 annually for the next 10 years starting one year from now.

  1 a company uses 40000 gallons of materials for which it

1. a company uses 40000 gallons of materials for which it paid 9.00 a gallon. the materials price variance was 80000

  Decision of inclusion of transactions in the cash flow

decision of inclusion of transactions in the cash flow statement.while preparing a cash flow statement you encountered

  What is target costing

What is target costing? Suppose a hospital was offered a capitation rate for a covered population of $40 per member per month. Briefly explain in simple terms how target costing would be applied in this situation.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd