Ch 6-2 Practice Exercises Show Me How Print Item Freight Terms Determine the amo

Question

Ch 6-2 Practice Exercises Show Me How Print Item Freight Terms Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar 1. PE.06-01.ALGO 2. PE.06-04 ALGO 3. PE:06-05-ALGO Freight Paid by Seller Returns and Allowances $1,650 1,100 Freight Terms 4. .06-06-ALGO a. $7,450 $700 FOB shipping point, 2/10, n/30 4,100 600 FOB destination, 1/10, n/30 Check My Work 1 more Check My Work uses remaining. Previous Next Progress: 2/4 items Assignment Score: 83.33% All work saved. Save and Exit Submit Assignment for Grading

Explanation / Answer

Part -(a) Net sales = (7,450-1,650) = 5,800 Discount = (5,800*2%) = 116 Amount to be paid in full settlement = (5,800+700-116) = 6,384 Part -(b) Net sales = (4,100-1,100) = 3,000 Discount = (3,000*1%) = 30 Amount to be paid in full settlement = (3,000+-30) = 2,970

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