Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned
Question:
Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned $1,500 of the merchandise before payment was made and received full credit.
a. If Shepherd Company pays the invoice within the discount period, what is the amount of cash required for the payment?
b. Which accounts are decreased by Shepherd Company to record the return?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (7 reviews)
a 7350 Purchase of 8820 900...View the full answer
Answered By
Mehwish Aziz
What I have learnt in my 8 years experience of tutoring is that you really need to have a friendly relationship with your students so they can come to you with their queries without any hesitation. I am quite hardworking and I have strong work ethics. Since I had never been one of those who always top in the class and always get A* no matter what, I can understand the fear of failure and can relate with my students at so many levels. I had always been one of those who had to work really hard to get decent grades. I am forever grateful to some of the amazing teachers that I have had who made learning one, and owing to whom I was able to get some extraordinary grades and get into one of the most prestigious universities of the country. Inspired by those same teachers, I am to be like one of them - who never gives up on her students and always believe in them!
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Kosmos Company purchased merchandise on account from a supplier for $21,500, terms 1/10, n/30.Kosmos Company returned $1,500 of the merchandise and received full credit. a. If Kosmos Company pays the...
-
Newgen Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Newgen Company returned $1,200 of the merchandise and received full credit. a. If Newgen Company pays the...
-
Mr Tile Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. MR Tile Company returned $1,500 of the merchandise and received full credit. a. If MR Tile Company pays...
-
Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $2,125,000 in payments from the U.S....
-
Petra's employer offers an annual pension benefit calculated by multiplying 2.46% of the career average salary times the number of years employed. Here are Petra's annual salaries over the last 16...
-
Section 10.4 describes four types of real option. For each of the following cases state which type of option is involved: a. Deutsche Metall postpones a major plant expansion. The expansion has a...
-
What will be the amount accumulated by each of the following present investments? a. $3,000 invested for 7 years at 14 percent compounded annually b. $1,600 invested for 17 years at 12% compounded...
-
Chrysler and General Motors vigorously compete with each other in many automobile and truck markets. When Jose Ignacio Lopez was vice president of purchasing for GM, he made it clear that his buyers...
-
ASSETS + LIABILITIES + ARRANGEMENT A SHAREHOLDERS' EQUITY + Hints: You are provided with the number of T-Accounts that you need (except one is not provided for Retained Earnings). Specifically, for...
-
The numbers of faculty at 32 randomly selected state-controlled colleges and universities with enrollment under 12,000 students are shown below. Use these data to estimate the mean number of faculty...
-
For a recent year, Target Corporation (TGT) reported revenue of $71,879 million. Its gross profit was $20,754 million. What was the amount of Targets cost of goods sold?
-
A retailer is considering the purchase of 100 units of a specific item from either of two suppliers. Their offers are as follows: A: $780 a unit, total of $78,000, 1/10, n/30, plus freight of $1,500....
-
Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $750 per month. Jacob does not withhold any federal taxes. Assume that Jen is not a housekeeper for anyone else. Assume Jacob...
-
Justine is a legal practitioner. She acted for Richard in a personal injury claim in the District Court. She agreed to act for him on a 'no win, no fee basis' with an uplift fee of 15%. She agreed to...
-
James is a litigation partner in a large commercial law firm in Adelaide. The firm comprises 15 partners and 50 solicitors. One of the firm's biggest clients is a pharmaceutical company, Health...
-
Roberta Nelson and Maurice Williams are married couples who would like to use contraceptives for family planning purposes. However, the use and purchase of contraceptives are prohibited by the...
-
Nol Carnage is a prominent British Politician and self-styled 'Bad Boy of Brexit'. Since the UK's exit from the European Union, he has made a living as a commentator on European affairs all around...
-
A March cotton call option has a strike price of $ 1.84 per pound. The underlying futures price is $ 1.10 per pound, and the premium is $ 0.55 per pound. One cotton. futures contract is 50,000...
-
T Company owns 100 percent of C Company. The following are accounts from the balance sheets and income statements of both companies: What would be the combined amount of each of the above accounts on...
-
Determine the annual percentage yield for a loan that charges a monthly interest rate of 1.5% and compounds the interest monthly.
-
The dates of importance in connection with a cash dividend declared and paid of $69,500 on a corporations common stock are May 3, June 17, and August 1. Illustrate the effects on the accounts and...
-
Indicate whether the following actions would (+) increase, (?) decrease, or (0) not affect Pillar Falls Inc.'s total assets, liabilities, and stockholders' equity: Stockholders' Liabilities Assets...
-
The following accounts and their balances appear in the ledger of Newberry Properties Inc. on June 30 of the current year: Common Stock , $75 par.. $1,350,000 Paid-In Capital in Excess of Par........
-
as or 4. Solve for x, y, z, and u in the matrix equation. Write your answer as (x,y,z,u) [3]+ - 5. Find the inverse of the matrix using the formula for its inverse. Label it A- beaubo A = [22] 6....
-
2. For how many integers n with 0 n 100 is the quantity integer? n(n - 1)(2n-1) equal to an 12
-
(3) Find a matrix A = R2 and an invertible diagonal matrix D = R such that A has the null space property of order 1 but AD does not.
Study smarter with the SolutionInn App