You buy goods at a list price of $1,500. If you receive a trade discount of 20% and terms are “3/15, n/45,” what amount must you pay if you pay within the discount period?
Q: ouston-based Advanced Electronics manufactures audio speakers for desktop computers. The following…
A: Since you have posted multiple sub-parts we can solve only first three part for you if you want to…
Q: d. What is the weakness of the direct write-off method of reporting bad debt expense?
A: The direct write-off method is defined as the method in which accounts receivables' uncollectible…
Q: The budget director of Royal Furniture Company requests estimates of sales, production, and other…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Capitalization is: A. A corporation's total investments consisting of common stock and preferred…
A: Market cap—or market capitalization—refers to the total value of all a company's shares of stock. It…
Q: Balance at 30 June 2018 Profit for the year ending 30 June 2019 Dividends Balance at 30 June 2019…
A: Statement of Comprehensive Income shows the profit of the company after all the expenses including…
Q: Management accounting- mergers and aquisitions Mergers are often categorised as horizontal, vertical…
A: A horizontal merger is a merger between two companies that operate in the same industry and at…
Q: a manager for Health Care, Inc. Assume a rate of 6.2% on $118,50 n level for Social Security earnin…
A: Net pay refers to the total sum value of money an individual receives on his/her pay check after all…
Q: An investor or creditor
A: An investor or creditor is a person, to whom the company owes money. Creditors are the parties or…
Q: Required a. Record the Year 1 events in general journal form and post them to T-accounts.
A: General Journal Entry A journal entry is a volume of unedited commercial transactions listed in…
Q: Bristo Corporation has sales of 1,440 units at $50 per unit. Variable expenses are 25% of the…
A: Fixed costs are costs that remains constant and does not vary with the number of units produced or…
Q: You own a home with a market value of $100,000. you bought the home for $150,000 ten years ago. your…
A: Every homeowner has a liability to pay taxes on their property to the government. The rate of the…
Q: a. Consider the level of the various PPE components. Does it seem likely that the company…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub- parts for…
Q: The following transactions are July activities of Bennett's Bowling, Inc., which operates several…
A: Accounting equation is the fundamental basis of accounting. As per the accounting equation the sum…
Q: D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record…
A: Journal entries refers to the entries which are passed by the companies at the end of the accounting…
Q: The income statement for the Edgebrook Golf Club for the month ending July 31 shows, Green Fees…
A: Accounting journal entries are used to document accounting transactions in a company's accounting…
Q: Hit-n-Run Food Trucks, Inc., owns and operates food trucks (mobile kitchens) throughout the west…
A: Calculation of labor rate variance ,Time variance and direct labor cost variance are as follows
Q: rchased two years earlier to the LLC. The land had a tax basis of $50,000 and was appraised at…
A: Self employment income refers to the sum value of money gained by an entity by performing some…
Q: The Wendell Corporation reported the following income statement and balance sheet amounts and…
A: Earnings per share means the per share amount earned by the common shares. It is the amount…
Q: Cordell, Inc., has an operating leverage of 3. Sales are expected to increase by 9% next year. What…
A: The expected change in the operating income next year is given by: Degree of operating leverage *…
Q: Gideon and Joshua were partners with capital account balances of P260,000 and $240,000,…
A: Balance of Partner's capital account after revaluation=Balance of Partner's capital account before…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…
A: Federal income tax, FICA social security tax and medicare tax are dedcuted from employee gross pay.…
Q: Kellogg’s Company and General Mills compete in the consumer packaged goods (CPG) sector. Refer to…
A: Formula: 1) DSO = (Average Accounts Receivable × 365)Total Revenue2) DIO = (Average Inventory ×…
Q: Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization…
A: The question is based on the concept of Financial Management.
Q: 4.1 Calculate the combined value of the proposed acquisition. 4.2 Calculate the total number of…
A: SOLUTION:- 4.1 Combined value of the proposed acquisition will be: Value of Watford Refiners +…
Q: Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Treasury stocks are repurchased shares of the company. The firm has the power to reissue these…
Q: The balance in the supplies account before adjustment at the end of the year is $766. The proper…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: On December 31, it was estimated that a goodwill of $6,000,000 was impaired. In addition, on April…
A: Patent Acquired at cost = $650,000 Estimated Life = 12 years Annual Amortisation = $54,166.67…
Q: Question Content Area The following is the adjusted trial balance for Stockton Company. Stockton…
A: ASSETS An Assets is something containing economic value. Assets Include Both Non Current Assets…
Q: Break-even point in peso sales and in units The margin of safety in peso, in units and in percentage…
A: PARTICULARS DETAILS AMOUNT(P) Sales P50*120000 6,000,000 Less- Variable costs P30*120000…
Q: Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients…
A: A budgeted income statement (sometimes called a budget income statement) is a document that helps…
Q: Determine the initial markup percent for an accessory store that has the follo planned figures: Net…
A: A company runs a business to make money. The company should determine this earned profit in terms of…
Q: Keesha Company borrows $240,000 cash on November 1 of the current year by signing a 180-day, 7%,…
A: Lets understand the baics. Borrowing can be made against issuing the notes. Payment of interest and…
Q: A and B enter into a partnership agreement contributing their respective business' assets at fair…
A:
Q: S 9-13 (Algo) Recording warranty repairs LO P4 on December 1, Home Store sells a mower (that costs…
A: Journal entry is the primary step to record the transaction in the books of accounts. A warranty is…
Q: Knowledge Check 01 Messing Company has an agreement with a third-party credit card company, which…
A: Credit Card Expense - Credit Card Expenses are the Expense incurred by the company due to immediate…
Q: Acme Beds Inc. produces two models of beds, the Regular and the Majestic. Budgeted and actual data…
A: Here asked for Multi sub part question we will solve for first three sub part question for you. If…
Q: Macmillan Learning a Assume that a three-month CD purchased for $1900 pays simple interest at an…
A: Interest Revenue - Interest is the amount earned on investment made. It is the form of revenue to…
Q: w material in 2005 Raw material inventory, 12/31/2005 Direct labor cost incurred Selling &…
A: Income statement refers to the financial statement which reflects the total revenue generated by the…
Q: Using the Redwood City Pet Shoppe Unadjusted Trial Balance from July 31st, prepare the followir…
A: Adjustment entry are entries recorded at the end of the period to provide updated and accurate…
Q: partnership has the following accounting amounts: Sales Cost of Goods Sold General and…
A: The income statement includes all the revenue and expenses. The resulting amount after deducting…
Q: walker, inc. owns 25% of runner corporation. During 2021, walker, inc. has 580,000 of gross income…
A: If a corporation owns 20% or less in a corporation that distributes dividend, then it is entitled to…
Q: Can a business, or a company decide to use a specific costing method half way through a year?
A: There are different costing methods available for businesses. The selection of the costing method…
Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…
A: Finished Goods Inventory - Finished Goods Inventory is the Inventory left unsold and ready to sold…
Q: Computing and Evaluating Inventory and PPE Turnovers Intel Corporation reports the following…
A: The question is based on the concept of Cost Accounting. Inventory turnover is calculated by…
Q: Sep 1. Bought goods of Ghc 700 by paying cash Sep 2.Sold goods worth Ghc 1,500 to Apugya Ltd on…
A: T accounts are the accounts prepared by those who prepares the accounts as per double entry system…
Q: Using the Redwood City Pet Shoppe Unadjusted Trial Balance from July 31st, prepare the followir…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: How are you calculating the $6000 for July
A: Write off the remaining amounts owed from services provided in 2021 on July 2, 2022 = 16000 – 10000…
Q: BE6.1 (LO 1) Kraft Enterprises owns the following assets at December 31, 2025. Checking account…
A: Cash is considered a liquid asset and it includes cash in the bank, cash on hand, and a checking…
Q: A Company produces items to order and had the following budgeted overheads for the year on normal…
A: Lets understand the basics. Overhead absorption rate is a rate based on which overhead gets…
Q: Match each of the following descriptions with the appropriate term. Clear All Plots only the…
A: The correct order of matching is shown below: The definition first followed by their correct match…
You buy goods at a list price of $1,500. If you receive a trade discount of 20% and terms are “3/15, n/45,” what amount must you pay if you pay within the discount period?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A trade credit bill of $80,000 with terms of sale of 2/5, net 30 means the buyer saves if the bill is paid within the discount period A:1600 How much discount will a buyer receive if the buyer pays a trade credit bill of $60,000 with terms of sale of 2/5, net 30 on the net due date? A: 0If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?Steve wishes to buy Pound Sterling spot (at $1.6965) and sell Sterling forward for 180 days (at $1.7399). What is the forward premium or discount on 180 day Sterling?
- A supplier offers the following discounts: Trade discounts of 20% at list price and another cash of 3% if paid in full before the due date. The net amount paid by the customer within the discount period is 14,550. How much is the list price? Select the correct response: O 15,200 14,400 18,750 16,000Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Free Spirit Industries Inc. buys on terms of 1/20, net 45 from its chief supplier. If Free Spirit receives an invoice for $1,254.98, what would be the true price of this invoice? (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) O $1,304.55 $1,056.07 $1,242.43 O $1,118.19 The nominal annual cost of the trade credit extended by the supplier is , assuming a 365-day year. (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) Suppose Free Spirit does not take advantage of the discount and then chooses to pay its supplier late-so that on average, Free Spirit will pay its by paying late. (Note: supplier on the 50th day after the sale. As a result, Free Spirit can…BUS 038 : Business Computatns5. You buy goods at a list price of $820. If you receive a trade discount of 25% and terms are “2/15, n/30,” what amount must you pay if you pay within the discount period?
- Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Tasty Tuna Corporation buys on terms of 4/10, net 45 from its chief supplier. A. If Tasty Tuna receives an invoice for $856.75, what would be the true price of this invoice? (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) $822.48 $575.74 $699.11 $616.86 B. The nominal annual cost of the trade credit extended by the supplier is , assuming a 365-day year. (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) C. Suppose Tasty Tuna does not take advantage of the discount and then chooses to pay its supplier late—so that on average, Tasty Tuna will pay its supplier on the 50th day after the sale. As a result,…Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Tasty Tuna Corporation buys on terms of 1/20, net 60 from its chief supplier. If Tasty Tuna receives an invoice for $1,254.98, what would be the true price of this invoice? (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) $1,553.04 $1,242.43 $1,056.07 O $931.82 The nominal annual cost of the trade credit extended by the supplier is calculations to four decimal places, and your final answer to two decimal places.) , assuming a 365-day year. (Note: Round all intermediate Suppose Tasty Tuna does not take advantage of the discount and then chooses to pay its supplier late-so that on average, Tasty Tuna will pay its supplier on the 65th day after the sale. As a result, Tasty Tuna can decrease its nominal cost of trade…A retailer purchases merchandise with a catalog list price of $30,000. The retailer receives a 15% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period?
- if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would be?Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Tasty Tuna Corporation buys on terms of 1/10, net 30 from its chief supplier. If Tasty Tuna receives an invoice for $1,545.78, what would be the true price of this invoice? (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) $1,912.90 $1,377.29 $1,530.32 $1,071.22 The nominal annual cost of the trade credit extended by the supplier is , assuming a 365-day year. (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) Suppose Tasty Tuna does not take advantage of the discount and then chooses to pay its supplier late—so that on average, Tasty Tuna will pay its supplier on the 35th day after the sale. As a result,…first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.