Question

Mayberry Farms purchased supplies at a net cost of $2,865.22 after a series discount of 15/12/14....

Mayberry Farms purchased supplies at a net cost of $2,865.22 after a series discount of 15/12/14. Find the list price.

Find the final discount date and the net payment date for each of the following.

Invoice Date

Terms

Final Discount Date

Net Payment Date

16.   May 5

4/15, n45

17.   December 5

2/10, EOM

18.   September 1

3/20, ROG

Received Goods Oct. 3

19. February 11

2/10-60, Extra

Homework Answers

Answer #1
1 Let the list price be X
X - 0.15X - 0.12(0.85X) - 0.14(0.748X) = $2,865.22
X - 0.15X - 0.102X - 0.10472X = $2,865.22
0.64328X = $2,865.22
X = $4,454.08 or $4,454
2
Invoice Date Terms Final Discount Date Net Payment Date
May 5 4/15, n45 May 20 June 19
December 5 2/10, EOM December 15 December 31
September 1 3/20, ROG
Received Goods Oct. 3
October 23 October 23
February 11 2/10-60, Extra April 22 April 22
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are in the Accounts Payable dept. for XYZ Hospital. The Hospital has received an invoice...
You are in the Accounts Payable dept. for XYZ Hospital. The Hospital has received an invoice from ABC Medical Supplies for $1,000 dated February 13, 2018 with the payment terms 2%10/EOM. The invoice was for $880.00 for supplies, $80.00 for freight charges and $40.00 for sales taxes. a. When do you have to pay the invoice in order to earn the discount? (specific date) b. What will the discount be? ( in terms of actual dollars and cents)
3 Purchased merchandise inventory on account from Shue ​Wholesalers, $ 5200. Terms 3​/15, ​n/EOM, FOB shipping...
3 Purchased merchandise inventory on account from Shue ​Wholesalers, $ 5200. Terms 3​/15, ​n/EOM, FOB shipping point. 4 Paid freight bill of $ 75 on September 3 purchase. 4 Purchase merchandise inventory for cash of $ 1 comma 700. 6 Returned $ 700 of inventory from September 3 purchase. 8 Sold merchandise inventory to Hayes ​Company, $ 6300​, on account. Terms 3​/15, ​n/35. Cost of​ goods, $ 2772. 9 Purchased merchandise inventory on account from Tamara ​Wholesalers, $ 6500. Terms...
Adidas shipped a $80,000 sneaker order to Footlocker. The terms were 3/12, 20x, net 40. The...
Adidas shipped a $80,000 sneaker order to Footlocker. The terms were 3/12, 20x, net 40. The invoice date was September 15; the receipt date was October 10 and the FOB was Footlocker’s consolidation center. Footlocker paid the invoice on October 14. The shipping cost was $134.00. what was the discount date what is the net payment date how much should footlocker pay adidas?
Complete the following by calculating the cash discount and net amount paid: (If more than one...
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge Date of invoice Terms of invoice Date of payment Cash discount Net amount paid $950 None 8/8 3/10, 2/15, n/30 8/22 $ $
Bed Bath and Beyond is a very large company that sells products for the home. One...
Bed Bath and Beyond is a very large company that sells products for the home. One way they maximize their profits is to negotiate trade discounts from wholesalers. Another strategy is to pay invoices early enough to take advantage of cash discounts. The company is able to negotiate favorable terms because they guarantee large orders. In early September, the Purchasing Manager, Lois Bidder, placed an order with one vendor for products having a combined list price of $27,393. The invoice...
Required: Enter the above transactions in: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal...
Required: Enter the above transactions in: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal or a General Journal Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30). Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM. 2 Borrowed $88, 500 cash from Wisconsin Bank by signing a long-term note payable. 4 Purchased $33,500 of merchandise from BLR Industries,...
Week 3 15 Purchased 13 sets of Sting Ray Golf Clubs from Sport Borders for $376...
Week 3 15 Purchased 13 sets of Sting Ray Golf Clubs from Sport Borders for $376 each, terms net 30. 17 Purchased 11 Specialist Tennis Raquets from Hike for $280 each, terms 2/10, n/30. 17 Sold 3 Quidditch Snitches to Jump Around for $752 each, Invoice No. 384. 18 Paid sales staff wages of $1,530 for the week up to and including yesterday, Check No. 877. 19 Received a purchase order from Balls 'n All. Created a corresponding sales order...
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. 1 Purchased $34,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
(Purchases Recorded Net) Presented below are transactions related to Guillen, Inc. May 10 Purchased goods billed...
(Purchases Recorded Net) Presented below are transactions related to Guillen, Inc. May 10 Purchased goods billed at $20,000 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $15,000 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/30. Instructions (a) Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts...
Pronghorn Industries purchased $11,700 of merchandise on February 1, 2017, subject to a trade discount of...
Pronghorn Industries purchased $11,700 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Pronghorn uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT