The collection of an $2500 account beyond the 2 percent discount period will result in a debit to Cash for $2450. O debit to Sales Discounts for $50. credit to Accounts Receivable for $2500. credit to Cash for $2500. Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $78000. Credit terms were 2/10, 1/30. The inventory was sold on account for $220000 on January 21, 2022. Credit terms were 1/10, 1/30. The accounts payable was settled on January 23, 2022 and the accounts receivables were settled on January 30, 2022. Which statement is correct? Gross profit percentage is 60% Cash flows were affected on January 14 and January 21 On January 30, 2022, customers should remit cash in the amount of $217800 There is not enough information available to answer this question Financial information is presented below: Operating expenses 43000 5000 Sales returns and allowances Sales discounts Sales revenue Cost of goods sold 7000 168000 101000 The gross profit rate would be 0.40. 0.33. 0.35. O 0.65. At the beginning of the year, Sarasota had an inventory of $560000. During the year, the company purchased goods costing $2220000. If Sarasota reported ending inventory of $770000 and sales of $3800000, their cost of goods sold and gross profit rate would be $1450000 and 52.89%. $2010000 and 52.89%. $2350000 and 47.11%. $2010000 and 47.11%. The collection of an $2500 account beyond the 2 percent discount period will result in a debit to Cash for $2450. O debit to Sales Discounts for $50. credit to Accounts Receivable for $2500. credit to Cash for $2500. Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $78000. Credit terms were 2/10, 1/30. The inventory was sold on account for $220000 on January 21, 2022. Credit terms were 1/10, 1/30. The accounts payable was settled on January 23, 2022 and the accounts receivables were settled on January 30, 2022. Which statement is correct? Gross profit percentage is 60% Cash flows were affected on January 14 and January 21 On January 30, 2022, customers should remit cash in the amount of $217800 There is not enough information available to answer this question Financial information is presented below: Operating expenses 43000 5000 Sales returns and allowances Sales discounts Sales revenue Cost of goods sold 7000 168000 101000 The gross profit rate would be 0.40. 0.33. 0.35. O 0.65. At the beginning of the year, Sarasota had an inventory of $560000. During the year, the company purchased goods costing $2220000. If Sarasota reported ending inventory of $770000 and sales of $3800000, their cost of goods sold and gross profit rate would be $1450000 and 52.89%. $2010000 and 52.89%. $2350000 and 47.11%. $2010000 and 47.11%
