Dorman Co sold merchandise to Smith Co on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Dorman Co issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. The Smith Co paid the invoice within the discount period. What is amount of net sales from the above transactions?
A) $16,250
B) $14,100
C) $15,925
D) $13,818
C
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Which of the following usually motivates embezzlers to indulge in a fraudulent activity?
a. Pursuit of immediate gratification. b. Safeguard their future. c. Cover expenses required to live. d. Protection against uncertainties.
On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31 . the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31:
a. overstates owners' equity. b. overstates assets. c. understates net income. d. overstates both owners' equity and assets.
_____ is a philosophy and a software and system development methodology that focuses on the development, use, and reuse of small, self-contained blocks of codes to meet the software needs of an organization
A) Extreme programming B) Rapid application development C) Service-oriented architecture D) Joint application design
_____ is a direct restriction on the quantity of some good that may be imported into a country.
A. Import tariff B. Import quota C. Import subsidy D. Ad valorem tariff