Author Question: The due date for payroll taxes is the last day of each fiscal quarter: March 31, June 30, September ... (Read 122 times)

nummyann · **on:** Jul 5, 2018

The due date for payroll taxes is the last day of each fiscal quarter: March 31, June 30, September 30, and December 31.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Idaho Company made the following purchases during the month of October.

October 6 Purchased 15,000 of merchandise, terms 2/10, n/30, FOB destination, freight cost 100
October 14 Purchased 12,000 of merchandise, terms 2/15, n/60, FOB shipping point, freight cost 100
October 22 Purchased 18,000 of merchandise, terms 3/10, n/20, FOB destination, freight cost 100
October 31 Purchased 20,000 of merchandise, terms 1/15, n/45, FOB shipping point, freight cost 100

Required:
1. Complete the chart below for each of the four purchases.

Oct. 6 Oct. 14 Oct. 22 Oct. 31
a. due date, assuming the
discount is taken
b. last day to pay if the
discount is NOT taken
c. amount of discount
d. freight cost paid by
Idaho Company

2. Assuming that the selling company accepts all discounts, what is the total cost of purchases for the month?

akemokai · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

False

Answer to Question 2

1.
Oct. 6 Oct. 14 Oct. 22 Oct. 31
a. Oct. 16 Oct. 29 Nov. 1 Nov. 15
b. Nov. 5 Dec. 13 Nov. 11 Dec. 15
c. 300 240 540 200
d. 0 100 0 100

2. 63,920 = (15,000-300) + (12,000-240 + 100) + (18,000540) + (20,000-200 + 100