Pays the amount due within the discount period
Course:- Accounting Basics
Reference No.:- EM13700203

Assignment Help >> Accounting Basics

What is the amount of the discount to be taken by a company that purchases inventory for $10,000 with terms 2/10, n/30, returns $2,000 of the inventory purchased, receives an allowance for defective merchandise of $100, and pays the amount due within the discount period?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
A person owned 300 shares of MNO common stock, which cost $23,400. MNO then had a 3-for-1 stock split. After the split, the person sold 100 shares for $5,600. How much gain
The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as
What is an inadvertent termination of an S election? How does an S corporation and its shareholders rectify an inadvertent termination? What could happen if a company fails to
Write a report, addressed to the board of directors of Elite PLC, commenting on the performance of the company for the year ended 31 December 2015 and give possible explanatio
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general j
Wilton held land with a book value of $50,000 and fair value of $600,000. Using the parent company theory, at what amount would land be reported in a consolidated balance sh
A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $258 million and $180 million at the end of the February 28, 2009, a