and way Company purchased merchandise inventory with an invoice price of $12,000
ID: 2573520 • Letter: A
Question
and way Company purchased merchandise inventory with an invoice price of $12,000 Days wtht terms of 2/10, nu/30. What is the net cost of the goods if Conway Company 13. Conway and credit s12hin the disount period? a. $12.000 b. $11.760 c. $10,800 d. $11,040 14. In the bert terms of 1/10, n/30, th""represents the of days in the discount period. b. full amount of the invoice. c. number of days when the entire am d. percent of the cash discount. as payment in full on May 4? of $3,800 is made on April 25, terms 2/10, net/30. What amount is received a. $3,528 b. $3,724 c. $3,800 d $3,600 I6. When an error is made and needs to be fixed the best way to do it is with a a. Adjusting entry b. Closing entry c Reversing entry d No entry 17. If goods in transit are shipped FOB destination a. the seller has legal title to the goods until they are delivered. b. the buyer has legal title to the goods until they are delivered c. the transportation company has legal title to the goods while the goods are in d. no one has legal title to the goods until they are delivered. transit. a. never owned by the consignee. b. included in the consignee's ending inventory. c, kept for sale on the premises of the consignor. 18 Goods held on consignment are Dart of no one's ending inventory.Explanation / Answer
13..
2/10, n/30 means 2% discount with in the 10days to qualify for the discount and the full amount to be paid within 30days
so he paid with in the dicount period
98% we have to pay 12000 * 98% = 11760
answer is b.$11760
14..
answer is d
d. percent of the cash discount
1/10, n/30 means 1% discount with in the 10days to qualify for the discount and the full amount to be paid within 30days
15..
payment had done before discount period or paid within 10 days
so discount allowed 2%
3800 * 98% = 3724
answer is b $3724
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