Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of
Question:
Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Gold Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. Bronze Co. paid the invoice within the discount period. What is amount of net sales from the transactions?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
Computation of the Net Sales Given informati...View the full answer
Answered By
Morgan Njeri
Very Versatile especially in expressing Ideas in writings.
Passionate on my technical knowledge delivery.
Able to multitask and able to perform under pressure by handling multiple challenges that require time sensitive solution.
Writting articles and video editing.
Revise written materials to meet personal standards and satisfy clients demand.
Help Online Students with their course work.
4.90+
12+ Reviews
38+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
The cost of a border fence is $3 million per mile. If the life of such a fence is assumed to be 10 years, the equivalent annual cost of a 10-mile-long fence at an interest rate of 10% per year is...
-
The cost of a new machine is $70,000 plus an additional $8,000 for freight and setup costs. The old machine that is being replaced has a book value of $15,000 and can be sold for $7,000. An...
-
The cost of a new machine is $110,000 and it is expected to reduce the labour cost by $30,000 per year. The salvage value of the machine at the end of year six is expected to be $20,000. If the...
-
Describe the general process used to determine the ULRD using AICPA sampling tables?
-
The Acme Bus Company has a daily ridership of 18,000 passengers and charges $1.00 per ride. The company wants to raise the fare yet keep its revenue as large as possible. (The revenue is found by...
-
Question: E9-20.(Retail Inventory Method) (LO 5 ) Presented below is information related to Bobby Engram Company. Cost Retail Beginning inventory $58,000 $100,000 Purchases (net) $122,000 $200,000...
-
If you are a scholar or researcher, try to classify all that you observe and know about the group that you are a member of into the basic categories of artifacts, espoused values, and basic...
-
Advance inc is trying to determine its cost of debt. The firm has a debt issue outstanding with 12 years to maturity that is quoted at 105% of face value. The issue makes semi-annual payments and has...
-
Please answer to question, P13-5. Thank you, J U U UUDICILLICCIPLS 115 P13-5 LO 13.2 both methods. Discount Amortization on Bond Investment and Partial Sale of Investment Using Effective Interest...
-
A vertical aerial photograph reveals a tall building. The foot of one corner of the building has (x, y) coordinates (30.5, 62.0) (both measured in mm from the lower left-hand corner of the negative),...
-
Music City, Inc. has an average collection period of 56 days. Its average daily investment in receivables is $50,000. What are the annual credit sales?
-
A year ago, you purchased 400 shares of Stellar Wood Products, Inc. stock at a price of $8.62 per share. The stock pays an annual dividend of $0.10 per share. Today, sold all of your shares for $4.80...
-
How would you summarize the heartland of Smiths Industries before and after the acquisition of Tube Investments?
-
Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1, 2020, at an installed cost of $75,000. Its useful life was estimated to...
-
Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the...
-
At a recently concluded Annual General Meeting (AGM) of a company, one of the shareholders remarked; historical financial statements are essential in corporate reporting, particularly for compliance...
-
4. In hypothesis, Mr. Ng wants to compare the solution in Q3 to other solutions in different conditions. If the following constraints are newly set in place, answer how much different is going to be...
-
3C2H6O2+7H2O= C2H4O3+11H2+O2+H2C2O4+CH2O2 Glycolic acid is produced electrochemically from ethylene glycol under alkaline conditions(NaOH). Hydrogen is produced at the cathode, and formic acid and...
-
Data for companies A, B, and C shown in Exhibit 8.14 are taken from the annual reports of three actual companies in the same industry for a recent year. One of these companies uses a LIFO cost-flow...
-
TRUE-FALSE QUESTIONS 1. In terms of preliminary analytical procedures, assume that the company has introduced a new product with a low price point and significant customer demand. The auditor would...
-
Refer to Figure 14.3. Select a year when the gallons of oil spilled were over 15 million. Research the spill(s) for that year. Was the amount due to one oil spill or multiple oil spills?Investigate...
-
Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of...
-
Chris North is the founder and president of North Enterprises, a real estate development venture. The business transactions during April while the company was being organized are listed below. Apr. 1...
-
Chris North is the founder and president of North Enterprises, a real estate development venture. The business transactions during April while the company was being organized are listed below. Apr. 1...
-
Clayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will be required to...
-
Mass LLp developed software that helps farmers to plow their fiels in a mannyue sthat precvents erosion and maimizes the effoctiveness of irrigation. Suny dale paid a licesnsing fee of $23000 for a...
-
Average Rate of Return The following data are accumulated by Lone Peak Inc. in evaluating two competing capital investment proposals: 3D Printer Truck Amount of investment $40,000 $50,000 Useful life...
Study smarter with the SolutionInn App