Details of invoices for purchases of merchandise are as follows
Returns and
Merchandise
Freight
Terms
Allowances
(a)
$2,800
$45
FOB shipping point, 1/10, n/30
$200
(b)
7,600
—
FOB destination, n/30
800
(c)
1,400
55
FOB shipping point, 2/10, n/30
600
(d)
500
—
FOB destination, 1/10, n/30
Determine the amount to be paid in full settlement of each of the invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Darshita Changed status to publish February 17, 2020
Answer:
(A)
=$2,800 – $200 – $26 + $45
=$2619
(B)
=$7,600 – $800
=6,800
(C)
=$1,400 – $600 – $16 + $55
=839
(D)
=$500 – $5
=495
Darshita Changed status to publish February 17, 2020
