On April 6, 2014, Fashion Furmishings purchased $46,000 of merchandise from Jame

Question

On April 6, 2014, Fashion Furmishings purchased $46,000 of merchandise from James' Imports, terms 2/10, n/45. On Apil 8, Fashion returmed $9,700 of cash for the merchandise on April 15, 2014 Required a. What is the amount that Fashion must pay James Imports on April 157 b. Record the events in a horizontal statements model In the Cash operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.) Effect of Events on the Financial Statements Balance Sheet Income Statement Liabilities+Stockholders' Equity AccountsCommon Retained Revenue Expenses Statement of Cash Flows Assets Events Net ncome Cash Merchandise Purchase inventory Return inventory Paid accounts payable c. How much must Fashion pay for the merchandise purchased if the payment is not made until April 20, 2014? O Type here to search

Explanation / Answer

d)

Note : As per Chegg Policy only 4 part can be solved.

A. Computation of amount that F Must pay J's Import on April 15 :- Net Amount Due= Purchase-Purchase Return- Discount = ($46000-$9700-( 46000-9700)*2%) =$35574

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