Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need the correct answers FAST please Sales discounts 6.260 Sales returns 12,510 Total administrative expenses 16,800 Total selling expenses 39,850 How much is

I just need the correct answers FAST please

image text in transcribed
Sales discounts 6.260 Sales returns 12,510 Total administrative expenses 16,800 Total selling expenses 39,850 How much is net sales? $ 316,830 11. Merchandise with an invoice price of $8,500 is purchased subject to terms of 2/10, n/30 FOB shipping point. The seller prepaid $45 for the cost of transportation. What is the amount that the purchaser records as the cost of the merchandise at the time of purchase? $ 8,500 12 Merchandise with an invoice price of $19, 100 is sold subject to terms of 2/10, n/30, FOB shipping. The seller prepaid $148 for the cost of transportation. How much does the seller record in the Sales account at the time of the sale? $ 18,952 13. A sales invoice included the following information: merchandise price, $54,900; transportation, $2,000; terms 2/10, n/30, FOB destination. Assuming that merchandise that cost $4,400 is returned before it has been paid for, that the transportation is paid by the seller, and that the invoice is paid within the discount period, what is the amount of cash that buyer pays the seller? $ 51,490 + 14. A sales invoice included the following information: merchandise price, $69, 100; transportation, $2,100, terms 1/10, n/30. FOB shipping. Assuming that merchandise that cost $3,900 is returned before it has been paid for, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash that buyer pays the seller? $ 66.648 15 A company has 19 units in inventory at the beginning of May and paid $55 for each unit On May 2, the company buys 24 more units and pays $57 for each unit. On May 5, the company sells 30 units for $84 each. If the company maintains its inventory using LIFO what is the cost of merchandise sold? Part 3 - Merchandising Journal Entries. Enter the accounts and amounts for each transaction

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Managerial Accounting

Authors: Karen BraunWendy Tietz

3rd Edition

0132890542, 978-0132890540

More Books

Students also viewed these Accounting questions