Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. inventory that had cost $24,600 was sold for $3

1. Inventory that had cost $24,600 was sold for $36,900 under terms 2/20, net/30. 2....

90.2K

Verified Solution

Question

Accounting

1. Inventory that had cost $24,600 was sold for $36,900 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,612. The merchandise had cost Ozark $1,040. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $3,690. 5. Interest expense paid amounted to $370. 6. Land that had cost $7,600 was sold for $9,500 cash.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students