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Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement...

Determining Amounts to be Paid on Invoices

Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period:

Merchandise Freight Paid by Seller Customer Returns and Allowances
a. $14,000 - FOB destination, n/30 $3,250
b. 21,200 $380 FOB shipping point, 2/10, n/30 4,000
c. 16,400 - FOB shipping point, 1/10, n/30 900
d. 7,500 250 FOB shipping point, 2/10, n/30 1,200
e. 28,800 - FOB destination, 1/10, n/30 -

a. $

b. $

c. $

d. $

e. $

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Homework Answers

Answer #1

Answer:

Amount to be paid
a $10,750
b $17,236
c $15,345
d $6,424
e $28,512

Calculations:

Merchandise + Freight - Customer returns and allowances - Discount = Amount to be paid
a $14,000 + - $3,250 - $0 = $10,750
b $21,200 + $380 - $4,000 - $344 [($21,200-$4,000) x 2%] = $17,236
c $16,400 + - $900 - $155 [($16,400-$900) x 1%] = $15,345
d $7,500 + $250 - $1,200 - $126 [($7,500-$1,200) x 2%] = $6,424
e $28,800 + - - $288 [$28,800 x 1%] = $28,512
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