-A company purchases merchandise for $24,000. The seller also offers credit terms of 2/10, n/30. Assuming no...
Question:
-A company purchases merchandise for $24,000. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
Multiple Choice
$24,000.
$23,520.
$2,400.
$16,800.
$7,700.
Cost of goods sold:
Multiple Choice
Is another term for merchandise sales.
Is the term used for the expense of buying and preparing merchandise for sale.
Is another term for revenue.
Is also called gross margin.
Is a term only used by service firms.
- A company purchases merchandise for $20,000. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
Multiple Choice
$20,000.
$19,600.
$2,000.
$14,000.
$6,500.
-Garza Company had sales of $147,000, sales discounts of $2,200, and sales returns of $3,530. Garza Company's net sales equals:
Multiple Choice
$5,730.
$141,270.
$144,800.
$147,000.
$152,730.
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton