Yancey Company The Following Information Is Available for Yancey Company,a Retail Store,for

question 146

Essay

Yancey Company
The following information is available for Yancey Company,a retail store,for the year 2013.The company uses a periodic inventory system.
Beginning inventory was $32,000.During the year,Yancey Company purchased goods totaling $634,000 on account with terms of 2/10,n/30,FOB shipping point.Yancey Company paid $1,000 in total freight charges directly to the freight company.At the end of the year,inventory on hand totaled $45,000.Net sales reported on the income statement for the year totaled $1,300,000.
-Refer to the information provided for Yancey Company.How much would Yancey Company pay its supplier if it paid for one-half of the goods acquired within the discount period,and the other half after the expiration of the discount period?

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Definitions:

Tabula Rasa

A philosophical concept suggesting that individuals are born without built-in mental content, and all knowledge comes from experience and perception.

John Locke

a 17th-century English philosopher and political theorist known for his contributions to liberalism, social contract theory, and the concept of personal identity.

Thomas Hobbes

A 17th-century English philosopher known for his work on political philosophy, particularly his book "Leviathan," positing the foundation of societies and governments.

Natural State

A condition or situation perceived as inherent and untouched by human influence, often referring to environments or human behavior.