1. A buyer of $7,700 in merchandise inventory failed to take advantage of the vendor's...
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Accounting
1. A buyer of $7,700 in merchandise inventory failed to take advantage of the vendor's credit terms of 3/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:
100
77
1155
770
231
2. Cushman Company had $818,000 in sales, sales discounts of $12,270, sales returns and allowances of $18,405, cost of goods sold of $388,550, and $281,395 in operating expenses. Net income equals:
787,325
117,380
398,775
178,730
148,055
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