Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 26, 2024

Facebook Corp, purchased Inventory on account for $7,000, FOB shipping point terms 2/10, n/30. Facebook paid a third party $400 for the shipping of

Facebook Corp, purchased Inventory on account for $7,000, FOB shipping point terms 2/10, n/30. Facebook paid a third party $400 for the shipping of this inventory. If Facebook pays its supplier in hu within 8 days, what is the net balance in the inventory account after such payment? O $7.252 $6.8160 $7,260 $7,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting and Analysis Using Financial Accounting Information

Authors: Charles H. Gibson

13th edition

1285401603, 1133188796, 9781285401607, 978-1133188797

More Books

Students also viewed these Accounting questions

Question

★★★★★

Find the area between the parabolas y = 2x 2 + 1 and y = x 2 + 5.

Answered: 1 week ago

Question

★★★★★

How important is effective purchasing to a small business? Can the owner-manager of a small firm safely delegate purchasing authority to a subordinate? Explain.

Answered: 1 week ago

Question

★★★★★

23. Internal Growth. A firm has an asset turnover ratio of 2.0. Its plowback ratio is 50%, and it is all-equity-financed. What must its profit margin be if it wishes to finance 10% growth using only...

Answered: 1 week ago

Question

★★★★★

3. Tie the new material to previous lessonsshow an outline or map of how the new topic fits with previous and upcoming material.

Answered: 1 week ago

Question

★★★★★

Sebastian and Whitley, plumbers, successfully bid $30,000 for the plumbing work on a new luxury home. Total direct labor cost on the job was $9,500, other direct costs were $2,500, and overhead is...

Answered: 1 week ago

Question

★★★★★

How do repo rates differ from Fed Funds rates?? Fed funds are usually lower Repo rates are usually lower, due to backing by a loan Repo rates are usually higher due to backing by securities. Repo...

Answered: 1 week ago

Question

★★★★★

1. El Presidente supermarket attempted to estimate the average amount all households in Tampa spend on groceries each month. Households were separated by zip code, and 25 houses from each of the 56...

Answered: 1 week ago

Question

★★★★★

ou to TEVIEW SUITE OF THI group if you want. Please submit one written assignment per group and include all the group member name Case 1. TELUS Communications Inc. v. Wellman, 2019 SCC 19...

Answered: 1 week ago

Question

★★★★★

Do you feel that your organization utilizes your uniqueness to its full capability?

Answered: 1 week ago

Question

★★★★★

You have been appointed to manage a project that requires the construction of a three bedroom house (in an area of your choice). the information that you have received includes: Budget - R2.5 Million...

Answered: 1 week ago

Question

★★★★★

Answer the following: a. What is the role of safety inventory? What are the risks of not having safety inventory? Explain thoroughly. b. If the quality of goods provided by suppliers is identical,...

Answered: 1 week ago

Question

★★★★★

All problems must be formatted correctly in the report to obtain full points. Code must be well commented on and sectioned. Any information missing from the report or the simple act of typing out...

Answered: 1 week ago

Question

★★★★★

Give a specific example of how corporate aviation has helped a company or organization. (See the Learn section for links concerning corporate flight departments). Consider businesses or even how...

Answered: 1 week ago

Question

★★★★★

11. Which of the following is a documentation requirement of AU-C 230B that partners may want to mention at the engagement team discussion? A. Inclusion of all contracts or agreements. B....

Answered: 1 week ago

Question

★★★★★

The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...

Answered: 1 week ago

Question

★★★★★

CASE STUDY INCREASING CASH FLOW, DECREASING PROFIT Lana Ferdinand, the owner-manager of a small proprietary company, had carefully monitored the cash position over the past financial year, and was...

Answered: 1 week ago

Question

★★★★★

Cash received from customers LO5 At 30 June 2018, Orange Ltd had accounts receivable of $200 000. At 30 June 2019, accounts receivable were $240 000 and sales for the year amounted to $2 100 000....

Answered: 1 week ago

Question

★★★★★

Net investing cash flows LO5 The statement of financial position of Lilac Ltd at 30 June 2019 recorded the following items. 30 June 2018 30 June 2019 Land, at independent valuation $100 000 $120...

Answered: 1 week ago

Previous Question Next Question