I\'m sorry I have to post more then one question cause I don\'t have the paper i

Question

I'm sorry I have to post more then one question cause I don't have the paper

invew, NVE N Best Places for Young Fa × x / M FW: Your Request for Me x fcAbbc0687projector-1 RA CREDIT REVIEW-PART 1: CHAPTERS 5&6 REVIEW 1. Income from operations is gross profit less A) financing expenses B) operating expenses C) other expenses and losses D) other expenses 2. Lily Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Lily Company pays with the discount period? A) $5,000 B) $4,900 C) $4,500 D) $4,600 Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in A) Freight Expense 3. B) Freight-in C) D) Freight-Out 4. On July 9, Lily Company sells goods on credit to Al Tomasz for $2,500, terms 1/10, n/60 Lly receives payment on July 18. The entry by Lily on July 18 ie 2.500 A) Cash B) Cash C) Cash 2.500 Accounts Receivable Sales Discounts Accounts Receivable 25 2475 2.475 25 Saies Discounts 2.500 2 525 D) Cash Sales Discounts Accounts Receivable 5. Auredit sale of S800 is "id" on April 25. torm" 2/10, sva, on "m', "--" "..so

Explanation / Answer

1.option c

2.option b (5000-5000*2%)=5000-100=4900

3.freight in

4.as invoice date is 8th of July and payment is on 18th of July which means payment is made on 10th day so he is eligible for discount

Option c

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---