A sale of $1,400 is made on June 15, terms 2/10, net/30. The customer returns $100 worth

Fantastic news! We've Found the answer you've been seeking!

Question:

A sale of $1,400 is made on June 15, terms 2/10, net/30. The customer returns $100 worth of merchandise June 18. What amount is received as payment in full on June 24?

A) $1,400

B) $1,372

C) $1,350

D) $1,274

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Nov 14, 2023 03:45 AM

See More Questions

June 17 On March 20 of this year, Granite Bay Jet Ski, Inc., borrowed $12,000 cash by issuing a 90-day, 11.0%, note payable. The proceeds of the note were received and deposited in the Cash account....
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
The Urban Florist is a wholesale shop that sells flowers, plants, and plant supplies. Transactions involving sales and cash receipts for the firm during May 2016 follow. The firm sells its...
Oliver owns Wifit, an unincorporated sports store. Wifit earned $100,000 before Oliver drew out a salary of $60,000. What is Oliver's deduction for self-employment taxes? Group of answer choices A....
On November 22, a $25,000 check drawn on the First National Bank of Nevada was deposited with Lincoln First Bank-Central. Lincoln forwarded the check to Nevada via Hartford National Bank and Trust...
A metal ion with a net +3 charge has five electrons in the 3d sub shell. Identify the metal.
Refer to Exercise 9. Can you reject H0 at the = 0.01 level? State a conclusion. Exercise 9 Two suppliers of machine parts delivered large shipments. A simple random sample of 150 parts was chosen...
At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase in conformity with generally accepted accounting principles, which appears in your audit...
A bond pays interest semi-annually and its coupon rate is 10%, it is sold between the coupon payment dates and the settlement date is 30 days away from the last coupon payment date, the number of...
Pam Corporation purchased 75 percent of the outstanding voting stock of Sun Corporation for $4,800,000 on January 1, 2016. Sun's stockholders' equity on this date consisted of the following (in...
A company reports the following Information for Its direct labor Actual hours of direct labor used Actual rate of direct labor per hour standard rate of direct labor per hour standard hours of direct...
Picabo borrows $ 1 0 0 0 . To repay the amount, she makes 1 2 equal monthly payments of $ 9 0 . 3 0 . Determine the following: ( a ) The effective monthly interest rate ( b ) The nominal annual...
The system shown has an initial velocity of 20.0 m/s down the incline and it comes to rest after travelling 40.0 m. The incline is not smooth. (a) Draw a Free-Body Diagram for each mass. (b)...
16-5 A portfolio consists of stocks from three companies: General Dynamics, Target and ConAgra Foods. The portfolio's is held for 1 year. The number of shares and the stock prices at the beginning...
Demonstrate how the Graph data structure is implemented using adjacency Lists. Use appropriate coding to implement the correct methods to perform: * BFS graph traversal. * Calculating the minimum...
Sleep King Manufacturing Company ( SKMC ) is a public manufacturing company specializing in the fabrication of mattresses. The company has been operating from its headquarters in Toronto since 1 9 9...
Explain the following questions regarding asymmetric information. i. How do financial intermediaries (FIs) perform their important task of reducing asymmetric information? ii. Mention and briefly...
Write the binomial probability in words. Then, use a continuity correction to convert the binomial probability to a normal distribution probability. P(x 110)
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7. Ivan sold the following securities during the year and received a Form 1099-B that...
On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his home...
Dr. George E. Beeper is a single taxpayer. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper's Social Security number is 775-88-9531. Dr. Beeper works for the Pine Medical...
When a predecessor auditor reissues the report on the prior period's financial statements at the request of the former client, the predecessor auditor should a. Indicate the introductory paragraph of...
When audited financial statements are presented in a client's document containing other information, the auditor should a. Perform inquiry and analytical procedures to ascertain whether the other...
Which of the following events occurring after the issuance of an auditor's report most likely would cause the auditor to make further inquiries about the previously issued financial statements? a. A...

A sale of $1,400 is made on June 15, terms 2/10, net/30. The customer returns $100 worth

Question:

Expert Answer:

Lets break this down step by step Sale amount on June 15 1400 Terms are 210 net30 whi... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions