Question 10 (3 points) Benson Company had cash sales of $94,275, credit sales of
ID: 2515747 • Letter: Q
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Question 10 (3 points) Benson Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Benson's net sales for this period equal: O1) s94,275 O2) $172.550 O3) $174.250. 4) $176,025. Save G Question 11 (3 points) A company purchased $10.000 of merchandise on June 15 with terms of 3/10, n/45 On June 20, it returned $800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: 1) $8,924. 2) $9.700. 3) $10.000. 4) $9,800 Save Question 12 (3 points) A company purchases merchandise with a catalog price of $20.000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made on time, what is the net cost of the merchandise? 1) $13,720 2) $19.600 3) $6.860 41 $12 740Explanation / Answer
Answer 10.
Net Sales = Cash Sales + Credit Sales - Sales Returns and Allowances - Sales Discounts
Net Sales = $94,275 + $83,450 - $1,700 - $3,475
Net Sales = $172,550
Answer 11.
Goods Purchased = $10,000
Goods Returned = $800
Purchase Discount = ($10,000 - $800) * 3%
Purchase Discount = $276
Cash Paid = $10,000 - $800 - $276
Cash Paid = $8,924
Answer 12.
Cost of Merchandise = $20,000
Trade discount = $20,000 * 35%
Trade discount = $7,000
Cost of Merchandise after trade discount = $20,000 - $7,000
Cost of Merchandise after trade discount = $13,000
Cash Discount = 2% * $13,000
Cash Discount = $260
Net Cost = Cost of Merchandise after trade discount - Cash Discount
Net Cost = $13,000 - $260
Net Cost = $12,740
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