Sheffield Company sells $1600 of merchandise on account to Pharoah Company with credit terms of 2/15, n/30. If Pharoah Company remits a check taking advantage of the discount offered, what is the amount of Pharoah's Company check? $1360 $1369 $1440 O $1568 Save for Later Attempts: 0 of 1 used Submit Answer Swifty Company reported the following balances at June 30, 2022: Sales Revenue $15600 Sales Returns and Allowances 500 Sales Discounts 270 Cost of Goods Sold 7400 Net sales for the month is $7670. O $15100. $14830. O $15600. Save for Later Attempts: 0 of 1 used Submit Answer Bramble Company sells merchandise on account for $5200 to Blossom Company with credit terms of 2/10, n/30. Blossom Company returns $800 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Bramble Company make upon receipt of the check? Cash 4312 Sales Returns and Allowances 888 Accounts Receivable 5200 Cash Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4400 4400 5096 104 800 4400 Cash 4312 Sales Returns and Allowances 800 Sales Discounts 88 Accounts Receivable 5200 Bramble Company sells merchandise on account for $5200 to Blossom Company with credit terms of 2/10, n/30. Blossom Company returns $800 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Bramble Company make upon receipt of the check? Cash 4312 Sales Returns and Allowances 888 Accounts Receivable 5200 Cash Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4400 4400 5096 104 800 4400 Cash 4312 Sales Returns and Allowances 800 Sales Discounts 88 Accounts Receivable 5200 If a company has net sales of $704000 and cost of goods sold of $478720, the gross profit percentage is O 16%. 68%. 100%. O 32%. Save for Later Attempts: 0 of 1 used Submit Answer Sunland Company purchased merchandise with an invoice price of $4100 and credit terms of 2/10, n/30. Assuming a 360-day year. what is the implied annual interest rate inherent in the credit terms? 42% O 48% 36% 24% Save for Later Attempts: 0 of 1 used Submit Answer Sheffield Company has sales revenue of $61400, cost of goods sold of $36700 and operating expenses of $13300 for the year ended December 31. Sheffield's gross profit is O $50000 $0 $24700 O $11400 Save for Later Attempts: 0 of 1 used Submit Answer The collection of a $1300 account after the 2 percent discount period expires will result in a O debit to Sales Discounts for $26. O debit to Cash for $1274. O credit to Cash for $1300. O credit to Accounts Receivable for $1300. Save for Later Attempts: 0 of 1 used Submit Answer During 2020, Vaughn Co. generated revenues of $89000. The company's expenses were as follows: cost of goods sold of $43000. operating expenses of $25000 and a loss on the sale of equipment of $2500. Vaughn's gross profit is $46000. $18500. O $21000. $89000. Save for Later Attempts: 0 of 1 used Submit Answer The following information is available for Waterway Company: Sales Revenue $391500 Freight-In $31000 Ending Inventory 37700 Purchase Returns and Allowances 14700 Purchases 270500 Beginning Inventory 45600 Waterway's cost of goods sold under a periodic inventory system is O $294700. $330400. O $286800. O $263800. Save for Later Attempts: 0 of 1 used Submit Answer Sheffield's Fashions sold merchandise for $54000 cash during the month of July. Returns that month totaled $1200. If the company's gross profit rate is 30%, Sheffield's will report monthly net sales revenue and cost of goods sold of O $54000 and $37800. $54000 and $36960. O $52800 and $36960. $52800 and $37800. Save for Later Attempts: 0 of 1 used Submit Answer Swifty Company sells merchandise on account for $6100 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $1700 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? $4400 $6039 $6056 $4356 Save for Later Attempts: 0 of 1 used Submit Answer The entry to record the receipt of payment within the discount period on a sale of $1800 with terms of 1/10, n/30 will include a credit to Sales Revenue for $1800. O Accounts Receivable for $1800. O Sales Discounts for $18. O Cash for $1782. Save for Later Attempts: 0 of 1 used Submit Answer Sheridan Company's financial information is presented below. Sales Revenue $ ???? Cost of Goods Sold $553000 Sales Returns and 36000 Gross Profit ???? Allowances Net Sales The missing amounts above are: 859000 Sales Revenue Gross Profit $895000 $306000 $895000 $270000 $823000 $270000 $823000 $306000 Save for Later Attempts: 0 of 1 used Submit Answer During 2020, Waterway Co. generated revenues of $105000. The company's expenses were as follows: cost of goods sold of $42000, operating expenses of $17000 and a loss on the sale of equipment of $2700. Waterway's net income is O $105000. $43300. O $46000. $63000. Save for Later Attempts: 0 of 1 used Submit