On November 30,2016,the General Ledger of Hinges and More Hardware,a

question 89

Essay

On November 30,2016,the general ledger of Hinges and More Hardware,a retail store,showed the following balances: Purchases,$136,750;Freight In,$2,500;Purchases Returns and Allowances,$4,000.
Determine the following:
A)What was the delivered cost of purchases for November?
B)What was the net delivered cost of purchases for November?

• A)What was the delivered cost of purchases for November?
• B)What was the net delivered cost of purchases for November?

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Definitions:

Cash Dividends

are payments made by a corporation to its shareholders from profits in the form of cash, reflecting a portion of the corporate earnings being distributed.

Note Payable

A financial obligation or a loan that is documented through a formal agreement stating repayment terms.

Noncash Financing

Financing activities that do not involve cash flows, but rather the exchange of non-cash items or liabilities, such as issuing stock for assets or converting debt to equity.

Amortization of Patents

The gradual write-off of the cost of a patent over its useful life to reflect its consumption, expiration, or decline in value.