An invoice dated January 25 with terms 2/10 -20 X. Find the final discount rate and the next payment date. The net payment date is 20 days after the final discount date. Assume it is not a leap year final dicount- net payment-
Q: Golden Corporation contemplates to market a new product. Estimated fixed costs is P1,000,000. The…
A: Introduction: A fixed cost is something that does not change with the amount of goods or services…
Q: 5. As a result of a more intense effort by sales people, sales are increased by 10%; operating…
A: 1. The Margin, Turnover and ROI is calculated without considering the adjustments. 2. The above is…
Q: contributes a building with a basis of $40,000 and a FMV of $80,000 in exchange for a 30%…
A: Building and land have different basis and different fair market value due to which there is loss or…
Q: If Account Based Costing (ABC) is so great, why do such a small percentage of companies use it? Why…
A: Activity based costing is a type of Costing in which the overhead or the indirect cost are…
Q: Brian Ltd is a company in the chemical industry, situated near the Murray River. Its year end is…
A:
Q: Sarasota Corp. uses a perpetual inventory system. The company had the following inventory…
A: Introduction: Journal entry is used to document a commercial transaction in a corporation's…
Q: Pretend that you are saving up for a down payment on a car or house. Pretend that we get an…
A: A savings account seems to be an account that is opened by a salaried person. It is a very basic…
Q: Determine the break- point under ne 6,000 under the new and old
A: Break Even point defines where the company meets no profit no loss. Where the net earning of the…
Q: Describe the purpose of the five primary financial statements. Statement of Comprehensive Income…
A: Financial statements:— Financial statement are the written Records that convey the business…
Q: ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax…
A: Income Tax - Governments at the federal, state and local levels all impose a tax on the gross income…
Q: How do you assess the risk of material misstatement associated with the audit of investments?
A: Inherent risk and control risks are part of the risk of material misstatement. There can be a risk…
Q: To take this one step further, how would i do the closing and post closing trial balances?
A: Post-closing trial balance includes all real accounts in other word balance sheet accounts only. All…
Q: C) Going back to the original data, the team speculates that they might be able to achieve…
A: The latest income statement of Carolina Manufacturing company is given to us. The income statement…
Q: Special Order: High-Low Cost Estimation SafeRide, Inc. produces air bag systems that it sells to…
A: High low-cost estimation refers to the method attempting to separate the data into fixed and…
Q: 4. The company issues bonds and uses the proceeds to purchase machinery and equipment that increases…
A: 1. Margin = Net operating income/ Sales 2. Turnover= Sales/ Operating assets 3. ROI = Margin *…
Q: Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Kingbird Corporation has the following information available concerning its postretirement benefit…
A: Many forms of costs that an employer provides to its retirees are known as postretirement costs.…
Q: Westerville Company reported the following results from last year’s operations: Sales $…
A: ROI is one of the profitability ratio which shows ratio between net operating income with average…
Q: Abigail lives in the UK and earns 40,000 pounds sterling per year. Her friend Barry lives in Japan…
A: In the context of the given question, we are required to solve this question. It can be considered a…
Q: Required: 1. What is the standard labor-hours allowed (SH) to prepare 7,300 meals? 2. What is the…
A: Labor Variance is calculated by the Business Entity to check the difference between the standard…
Q: Company A entered into a contract to purchase the assets of Company B except for cash, accounts…
A: In the context of the given question, we are required to prepare the acquisition journal entries in…
Q: (d) (e) Current ratio Accounts receivable turnover (f) Average collection period :1 times days
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Ratio…
Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…
A: Direct Material Cost - Direct materials costs are the expenses incurred on the raw materials…
Q: Which of the following is not a quantitative threshold for defining a segment’s materiality?…
A: Introduction:- Segment reporting is the reporting of the operating segments of a company in the…
Q: Why is it necessary for accountants to assume that business entity will remain a going concern?
A: Introduction: The concept of a going concern is crucial to accounting. It presupposes that a…
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $118,600…
A: Depreciation :— The monetary value of an asset decreases over time due to use, wear and tear or…
Q: Record of Charges & Receipts Assignment Date Jan 1 Jan 1 Feb1 Feb4 Name Nicole Van D 100.00 Prev…
A: 1. Deposit slip…
Q: Davy Johnson is CFO for a newly formed manufacturing company. Below is the anticipated monthly…
A: Particulars Purchasing Activity (Month prior to production) Total Pounds used in Production (A)…
Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent…
A: Activity-based costing is used to distribute the overhead. This method is used to allocate the…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $155 and $115,…
A: Contribution margin takes into consideration only variable expenses. Material cost is the total cost…
Q: The debits to Work in Process-Assembly Department for May, together with data concerning production,…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Units to be Produced Direct Materials per Unit Total Pounds Needed for Production < COOK FARM SUPPLY…
A: Budgets are the estimates or forecasts that are made for future period of time. Direct labour budget…
Q: A company had a market price of $27.50 per share, earnings per share of $1.25, and dividends per…
A: The ratio analysis helps to analyze the statements of the business including balance sheet and…
Q: Jerusalem Medical Ltd., an Israeli producer of portable kidney dialysis units and other medical…
A: Transportation method :— Transportation model deals with the Transportation of the product…
Q: mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic…
A: Amortization of Patents :— The term Amortization is used for intangible assets. Patents should be…
Q: QUESTION Analyze GBATT’s operational performance by describing its year over year performance.
A: Analysis of GBATT's operational performance by year over year: As we can see that in year 2021 in…
Q: Sunland Company reported the following information in its general ledger at December 31. All sales…
A: Accounts Receivable :— It is the amount of money receivable from customer for delivering of goods or…
Q: 8 Johnson Company acquires land and building for $4,000,000 including all fees related to…
A: Introduction: A cost known as a capitalized cost is an expense that raises a fixed asset's cost…
Q: The amount of the estimated average annual income for a proposed investment of $75,000 in a fixed…
A: Introduction: The monetary value of an investment depreciates over time due to use, wear and tear,…
Q: 5. The equity sections for Atticus Group at the beginning of the year (January 1) and end…
A: Dividend - The dividend is the amount distributed to the shareholders of the company. It is…
Q: Required: a. Complete the income statements for both divisions and the corporation as a whole.…
A: The income or money that a business enterprise derives from its business activities is called…
Q: At the start of the period the accounts payable balance was P75,000 and the unused supplies has a…
A: Supplies: Supplies are the consumables that are used regularly in offices by the organizations in…
Q: What is the operating income for Year 1? What is the operating income in Year 2? What is the change…
A: "As per guidelines, we are required to solve only first 3 sub-parts of a question." Operating Income…
Q: Thank you for your response. Can you please show calculations on how you arrived at the $72,560…
A: Goodwill is calculated by subtracting fair value of all assets takes from liabilities taken and…
Q: 1. Prepare Income Statement and Balance Sheet dated 31 July 2022 by using the following accounts.…
A: Introduction: Financial statements are written papers that summarize the commercial activities and…
Q: Barbara Redburn and John Nichols are partners with capital balances as follows: Redburn $150,000 and…
A: In the context of the given question, we are required to prepare the journal entries in the books of…
Q: Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following…
A: Lets understand the basics. Income statement is a statement which shows revenue, expense and net…
Q: Production budget 0,200 units Both rackets are produced in two departments, Forming and Assembly.…
A: Hours required for production = Production budget units ×Hours required per unit
Q: estion 5 Abba, Inc is considering the purchase of some new equipment that costs $240700. The new…
A: Cash inflows means the amount of cash received by an entity during a period. It includes only cash…
Q: A project has a 6-year life and has an NPV of $1615. The cost of capital is 5%. What is the…
A: Equivalent Annual Annuity Approach :— This approach is used to calculate equal annual cash flow…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383An invoice is dated may 22 with terms 4/18 EOM, Assuming the net date is 20 days after discount date. What is the discount trade and the net dateAn invoice dated April 22 shows a net price of $175.00 with the terms 3/10, n/30. What is the latest date the cash discount is allowed?
- An invoice is dated October 24 with terms of 4/18 EOM. Assuming the net date is 20 days after the discount date, find the following. (a) What is the discount date? ---Select--- January February March April May June July August September October November December (b) What is the net date? ---Select--- January February March April May June July August September October November DecemberFind the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26. Draw the “timeline” stated the initial date, the due date, and the day receives cash discount.Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): date of note length of note date note discounted discount period (days) july 14th 50 days august 5 ?
- Select the correct answer and explain What is the discount to a promissory note with a face value of $ 27,350? Consider that it is negotiated with the 6.25% annual simple discount, five months before expiring. a. $ 701.25 b. $ 721.66 c. $ 680.00 d. $ 712.21If the annualized cost of the trade credit discount is 7.37%, what is the net trade credit period? Assume a discount percentage of 1% for payments received on or before 20 days. Select one: a. 20 days b. 30 days c. 50 days d. 70 daysn the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The monthly periodic rate is given to be 1.75%. Find the APR. APR = 12 ✕ monthly periodic rate = 12 ✕ ____ % = ____%
- A promissory note for $800 dated January, 15, requires an interest payment of $ 130at maturity. If interest is at 12% p.a. compounded monthly , determine the due date of the note.What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 10.6% and monthly compounding? Enter your answer as a percentage rounded to 2 decimal placesCalculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note Date note discounted Discount period March 07 120 days June 08 days
