personal finance 5

How long did it take on average for credit customers to pay off their accounts during the past year? (Round your answer to 2 decimal places (e.g., 32.16).)

1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?

4. Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?

2. Considering the minimum payment you just calculated, determine the amount of interest and the amount that was

On January 1, Puckett Company paid $2.64 million for 88,000 shares of Harrison’s voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison distributed a dividend of $2 per share during the year and reported net income of $613,000. What is the balance in the Investment in Harrison account found in Puckett’s financial records as of December 31?

c) You can upload your accounting assignment problem on our site and we can assure you for the A grade, plagiarized free solution with a reasonable price.

When a payment is processed by back office there needs to be a date, a payer and a specific amount in order to

What is the accounts receivable balance on Sept 30 (include only net amount to be paid)? Total Sales: $2,360,000.00 Total Reciept $1,671,896.00 Accounts Receivable balanc $688,104.00 e. What are each the short term loan and marketable security balances on Sept 30? f. What is balance of accounts payable on Sept 30 (include only net amount to be paid)? g. calculate DSO and DPO DSO = Accounts Recievable / (total sales / 182 days) DSO = 688104 / (2360000 / 182) DSO = DPO = Accounts Payable / (6 months payable / 182) DPO = 398240 / (1400000/ 182) DPO =

Normally your repayments will be payable on the first business day of each month and will be:

You don’t even need a credit card to use this service. This nice bonus is great to have if your personal bank doesn’t provide this kind of service. The service also shows ways of improving your score.

State the account to be debited and the account to be credited for the above transactions. State the book of prime entry used for each transaction above using the format given below: Book of prime entry Credit

vi) Sarah was advised by the bank that she earned $52 interest for the period in May that her account was in credit. Sarah recorded this in May, but the bank did not credit her account until June.

The system calculates the Send Date based on the Effective Date entered by the client. Batches must be approved (if required) and in a Scheduled status before the last transmission to the bank on the calculated Send Date.

The key premise to keep in mind is that if someone lends you money, they want you to be able to pay it back. They would like you to pay it back slowly so that the lender makes money with the interest. Paying back the principle shows that you have credibility, but it does not make the lender money. What is considered when a loan is created? The factors are:

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