On January 2005, Mona started a business, Sri Cemerlang Trading, which sells sports equipment. The company...
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On January 2005, Mona started a business, Sri Cemerlang Trading, which sells sports equipment. The company purchased all stocks from suppliers through cash and credit basis. However, the business sells its products in cash basis only. The accounts payable account is used for recording purchases of stocks only, while other current liabilities are accrued in separate accounts. On 12 August 2012. Sri Cemerlang Trading purchases RM20,000 of merchandise on account. Purchased terms were 2/10, n/30. Question: a. How much will the Sri Cemerlang Trading have to pay for merchandise if it pays on August 20? How much will the Sri Cemerlang Trading have to pay for the merchandise if it pays on September 3? b. On January 2005, Mona started a business, Sri Cemerlang Trading, which sells sports equipment. The company purchased all stocks from suppliers through cash and credit basis. However, the business sells its products in cash basis only. The accounts payable account is used for recording purchases of stocks only, while other current liabilities are accrued in separate accounts. On 12 August 2012. Sri Cemerlang Trading purchases RM20,000 of merchandise on account. Purchased terms were 2/10, n/30. Question: a. How much will the Sri Cemerlang Trading have to pay for merchandise if it pays on August 20? How much will the Sri Cemerlang Trading have to pay for the merchandise if it pays on September 3? b.
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a To calculate the amount Sri Cemerlang Trading will have to pay if it pays on August 20 we need t... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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