reduce the balance to 5 4000. Round to the nearest 100th10. Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam withterms 5/20, n/45 for: 10 wood trays at 5 37.45 each, 35 wood planters at $43.75 each50 wood bowls at $ 37.25 eacha)What is the amount due if the invoice is paid in full on September 6? Round to the nearest100thb)if only a partial payment is made on the last day of the discount period, what amount is dueto reduce the outstanding balance to $ 1500? Round to the nearest 100th11. An invoice for 5 4755, dated 27 March, terms 3/10 E.O.M., was received 29 March. Whatpayment must be made on 10 April to reduce the debt to $ 19007 Round to the nearest 100th12. Aronian Import received an invoice dated January 5 for a shipment of goods receivedJanuary 11. The invoice was for $ 65525 less 8 % with terms 3/20 R.O.G. (a)How muchshould Aronian Import pay on January 20th to reduce its debt by $ 3000? Round to the nearest100th (b) OPTIONAL fone bonus mark) What amount is Aronian still owing?13. Find the cost of an item that was sold for $4230 in order to realize a markup rate of 113 %based on cost. Round to the nearest 100th14. Karpov Dealers bought tires from a wholesaler at $ 75 dollars each and sold themat a mark-up of 25 % of cost.a)Calculate the selling price of one tire. Approximate to the nearest 100thb)Calculate the rate (in %) of markup based on the selling price for one tire. Approximate tonearest 100th.LaVene

Hi student Since there are multiple questions, we will answer only first question. There are two…

10. Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for 10 wood trays at 5 37.45 each; 35 wood planters at $ 43.75 each 50 wood bowls at 5 37.25 each a)What is the amount due if the invoice is paid in full on September 67 Round to the nearest 100th b)if only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $ 1500? Round to the nearest 100th

10. Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for 10 wood trays at 5 37.45 each; 35 wood planters at $ 43.75 each 50 wood bowls at 5 37.25 each a)What is the amount due if the invoice is paid in full on September 67 Round to the nearest 100th b)if only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $ 1500? Round to the nearest 100th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for: 10 wood trays at $ 37.45 each; 35 wood planters at $ 43.75 each;50 wood bowls at $ 37.25 each. a)What is the amount due if the invoice is paid in full on September 6? Round to the nearest 100th. b)If only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $ 1500? Round to the nearest 100th.
Stratus Inc. purchased equipment for $18,500 and received an invoice with terms 4/10, 3/30, n/45. If Stratus Inc. decided to pay the full price on the 15th day of the invoice date, how much must it pay?
1. A trading firm traded their brand-new computers with a margin of 65% based on their cost. One computer is tagged at P75, 950. What is the percent margin based on cost? 2. An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on July 25, how much should be the payment?
Dairy, Inc. offered an ice cream scoop in exchange for 8 labels of ice cream and $3.00. The ice cream scoops cost $7.00 each. Experience indicates that 45% of the coupons will be redeemed. Customers can redeem the coupons, receipts and cash through February 28, 2021. Dairy, Inc. sold 40,000 gallons of ice cream. 15,000 of the coupons were redeemed in 2020. What is the amount of premium expense to be recognized on the income statement for the year ended 2020? If all of the remaining ice cream scoops were issued in 2021, what is the amount of the premium expense to be recognized in 2021? What is the amount of the premium liability as of 12/31/20? Please provide a detailed explanation.
Washamoto Ltd took delivery of a microcomputer and printer on 1 July 20X6, the beginning of its financial year. The list price of the equipment was sh4,999 but Washamoto Ltd was able to negotiate a price of sh4,000 with the supplier. However, the supplier charged an additional sh340 to install and test the equipment. The supplier offered a 5% discount if Washamoto Ltd paid for the equipment and the additional installation costs within seven days. Washamoto Ltd was able to take advantage of this additional discount. The installation of special electrical wiring for the computer cost sh110. After initial testing certain modifications costing sh199 proved necessary. Staff were sent on special training courses to operate the microcomputer and this cost sh 990. Washamoto Ltd insured the machine against fire and theft at a cost of sh 49 per annum. A maintenance agreement was entered into with Sonoma plc. Under this agreement Sonoma plc. Promised to provide 24 hour breakdown cover for one…
At December 31, 2021, Suo’s Boutique had 2,000 gift certificates outstanding, which had been sold to customers during 2021 for P50 each. Sue’s operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 2,000 outstanding gift certificates should be deferred at December 31, 2021? a. P0 b. P40,000. c. P60,000. d. P100,000.
A Company sold 80,000 sold reversible shirts under a new sales promotional program during the year. Each shirt carried one coupon which entitled the customer to a P50 cash rebate. The entity estimated that 70% of the coupons will be redeemed even though only 35,000 coupons had been processed during the current year. What amount of rebate expense should be reported for the current year? a. 2,800,000 b. 2,250,000 c. 1,750,000 d. 4,000,000
Belts are shipped to the buyer on June 4 at a cost of $5500.00. The terms on invoice are 3/10, n/60. When is the last day the buyer can get the cash discount? If the buyer decides to pay for the shipment on June 30. What is the net amount to be paid?
Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year. Historically, 10% of customers’ mail in the rebate form. During the year 600,000 packages of ballpen are sold, and 25,000 P20 rebates are mailed to customers. What amount of rebate expense should be reported for the current year? a. 1,500,000 b. 500,000 c. 600,000 d. 1,200,000
12. Gingerbread Corp received an advance cash payment from a customer for 40 gingerbread kits at $10 per kit. Gingerbread Corp is scheduled to deliver the kits in 30 days. What is the correct journal entry to record the sale? a.DR Accounts receivable 400 CR Sales revenue 400 b.DR Cash 400 CR Sales revenue 400 c.DR Cash 400 CR Unearned revenue 400 d.DR Accounts receivable 400 CR Unearned revenue 400
A Company sold 80,000 sold reversible shirts under a new sales promotional program during the year. Each shirt carried one coupon which entitled the customer to a P50 cash rebate. The entity estimated that 70% of the coupons will be redeemed even though only 35,000 coupons had been processed during the current year. what amount should be reported as rebate liability for unredeemed coupons at year-end? a. 1,225,000 b. 1,750,000 c. 0 d. 1,050,000