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1. If Bounder Dog Supplies, Incorporated purchased inventory at $2,000 list price and the terms were 2/10 n/30, what would be the value associated with
1. If Bounder Dog Supplies, Incorporated purchased inventory at $2,000 list price and the terms were 2/10 n/30, what would be the value associated with the inventory if payment was made within 10 days?
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$2,040.
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$2,000.
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$1,973.
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$1,960.
b. At December 31, Year 1, the accounting records of Braun Corporation contain the following items:
Accounts Payable | $ 14,500 | Accounts Receivable | $ 37,000 |
---|---|---|---|
Land | $ 237,000 | Cash | ? |
Capital Stock | ? | Equipment | $ 117,000 |
Building | $ 177,000 | Notes Payable | $ 187,000 |
Retained Earnings | $ 157,000 |
If Cash at December 31, Year 1, is $63,000, total assets amounts to:
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$788,000.
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$645,500.
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$631,000.
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$594,000.
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