1. On November 14, your company sold $24,000 worth of inventory to a customer for $60,000. You shipped it to the FOB shipping point and the terms were 3/15, n/30. The following day, the relevant party paid the transportation company $1,100. Four days later, the customer returned 15% of his order. You received the payment on November 26.

How much did the client pay you?

2. Leslie Limited purchased a machine on April 1 for $95,000, paying cash. The company also paid $1,200 for freight, $600 for installation and testing, $700 for employee training, $800 for supplies to be used in production, and $2,400 for a one-year insurance policy. The machine has a salvage value of $12,000 and a useful life of 5 years.

What is the acquisition cost of this machine?

Answer rating: 100% (QA)

Solution 1 Customer will pay Explanation Amount to be received from customer ... View the full answer