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  • Merchandise Freight Paid by Seller: Solution

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    G & E Apparel
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    The property plant and equipment section of AXN Inc.’s Statement of Financial Position at December 31,2009 included the following items: Land P2,100,000 Land improvements 560,000 Buildings 3,600,000 Machinery and equipment 6,600,000The property plant and equipment section of AXN Inc.’s Statement of Financial Position at December 31,2009 included the following items: Land P2,100,000 Land improvements 560,000 Buildings 3,600,000 Machinery and equipment 6,600,000

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    HISTORY 7

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    The property plant and equipment section of AXN Inc.’s Statement of Financial Position at December 31,2009 included the following items: Land P2,100,000 Land improvements 560,000 Buildings 3,600,000 Machinery and equipment 6,600,000The property plant and equipment section of AXN Inc.’s Statement of Financial Position at December 31,2009 included the following items: Land P2,100,000 Land improvements 560,000 Buildings 3,600,000 Machinery and equipment 6,600,000

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    Merchandise Freight Paid by Seller: Solution

    Uploaded by

    G & E Apparel
    The property plant and equipment section of AXN Inc.’s Statement of Financial Position at December 31,2009 included the following items: Land P2,100,000 Land improvements 560,000 Buildings 3,600,000 Machinery and equipment 6,600,000The property plant and equipment section of AXN Inc.’s Statement of Financial Position at December 31,2009 included the following items: Land P2,100,000 Land improvements 560,000 Buildings 3,600,000 Machinery and equipment 6,600,000

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Determine the amount to be paid in full settlement of each of the following invoices

    assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discou

    Merchandise Freight Paid by Seller


    a. 180,000 3,000
    b. 88,000 1,250

    Solution:
    a. 4,600 (180,000 - 20,000) = 160,000 x 1% + 3,000
    b. 2,830 (88,000 - 9,000) = 79,000 x 2% + 1,250
    ollowing invoices
    to payment and that all invoices were paid within the discount period:

    Freight Terms Returns and Allowances


    FOB shipping point, 1/10, n/30 20,000
    FOB shipping point, 2/10, n/30 9,000

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