solve 5,6,7 exercises

Exercise 5 Locust Company purchased merchandise on account from a supplier for $34,900, terms 1/10, n/30. Locust Company returned $6,400 of the merchandise and received full credit. a. If Locust Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by Locust Company to record the return? Exercise 6 A retailer is considering the purchase of 250 units of a specific item from either of two suppliers. Their offers are as followS: Supplier One: $400 a unit, total of $100,000, 1/10, n/30, no charge for freight. Supplier Two: $399 a unit, total of $99,750,2/10, n/30, plus freight of $975 Which of the two offers, Supplier One or Supplier Two, yields the lower price? Exercise 7 Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter Sales Sales returns and allowances Sales discounts Net sales Cost of merchandise sold Gross profit $525,000 $733,000 $1,440,000 $(g) 28,000 17,500 85,000 65,000 1,350 463,400 (c) 100,000 295,000 (h) 410,000 (f) (d) 900,000 83,500 275,000 600,000