Question 5(3 points) D The credit terms 2/10, n/30 are interpreted as: 1)2% cash

Question

Question 5(3 points) D The credit terms 2/10, n/30 are interpreted as: 1)2% cash discount if the amount is paid within 10 days, or the balance due in 30 days 10% cash discount if the amount is paid within 2 days, or the balance due in 2) 30 days. 3) 30% discount if paid within 2 days. 04) 30% discount if paid within 10 days. Save Question 6 (3 points) A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is: 1) $3,725.00. 2) $3,925.00 3) $3,995.00. 4) $4,000.50 Save Question 7 (3 points) Herald Company had sales of $135,000, sales discounts of $2.000, and sales returns of $3.200 Herald Company's net sales equals 1) $5.200. 2) $129.800 3) $133,000 41 $135.000 Save Question 8 13 points Dn October 1 Robinson Gompany sola

Explanation / Answer

5) Answer is a) 2% Cash discount if amount paid with in 10 days or the balance due in 30 days

6) Calculate amount paid :

Amount paid = (4000-275)*98%+350 = 4000.50

so answer is 4) $4000.50

7) Net sales = Sales - Sales discount- sales returns

= 135000-2000-3200

Net sales = 129800

so answer is 2) $129,800

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.