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Need answer to all the multiple choices and fill in please. Suppose Toys Us buys $100,000 worth of Lego toys on of 3/15, n/45.
Need answer to all the multiple choices and fill in please.
Suppose Toys " Us buys $100,000 worth of Lego toys on of 3/15, n/45. Some of the goods are damaged in shipment, so Toys "A" Us returns $10,000 of the merchandise to Lego. How much must Toys "t Us pay Lego FILL IA Within the discount period? ( T Wholesale Company began the year with inventory of $8,000. During the year, T purchased $90,000 of goods and returned $6,000 due to damage. T also paid freight charges of $1,000 on inventory purchases. At yearend T's adjusted inventory balance stood at $11,000. T uses the periodic inventory system. FILL IN Compute T's cost of goods sold for the year. JDC purchased inventory for $5,000 and also paid a $300 freight bill. JDC returned half the goods to the seller and later took a 2% purchase discount. What is JDC's cost of the inventory that it kept? a. $2,700 b. $2,800 c. $2,750 d. $2,500 The allowance for uncollectible accounts currently has a credit balance of $200. The company's management estimates that 25% of net aedit sales will be uncollectible. Net credit sales are $115,000. What will be the amount of uncollectible-account expense reported on the income statement? A) $2,675 B) $3,075 C) $3,275 D) $2,875 An asset was purchased for $12,000. The asset's estimated useful life was 3 years and its residual value was $2,000. How much gain or loss is reported if the asset is sold for $3,000 at the beginning of the fourth year? A) $2,000 loss C) $1,000 loss B) $1,000 gairn D) No gain or loss Step by Step Solution
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