Coces, a furniture shop owner, buys a new set of cabinet worth $9,850. He receives an invoice dated 26 October 2019 with trade discounts of 8 percent, 4 percent and is offered cash discount terms 3/15, 2/30, n/60. (ii) Determine the total amount due if Coces pays the invoice on 17 November 2019
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Question 3
Coces, a furniture shop owner, buys a new set of cabinet worth $9,850. He receives an invoice dated 26 October 2019 with trade discounts of 8 percent, 4 percent and is offered cash discount terms 3/15, 2/30, n/60.
(ii) Determine the total amount due if Coces pays the invoice on 17 November 2019.
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- Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019. 2. Determine how much interest Metzler will receive if the note is repaid on October 1, 2019. 3. Prepare Metzlers journal entry to record the cash received to pay off the note and interest on October 1, 2019.Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135 000. The customer secured this amount by signing a note bearing 9% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019. 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. 3. Prepare Links journal entry to record the cash received to pay off the note and interest on December 1, 2019.Preparing financial statements. Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying six items and sks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for 1,350 a month. b. On June 21, 2020 Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost 900, but he hasnt yet received the bill. c. Hugo borrowed 3,500 from his parents last fall, but so far, he has made no payments to them. d. Hugo makes monthly payments of 225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling 4,500. e. Hugo paid 3,800 in taxes during the year and is due a tax refund of 650, which he hasnt yet received. f. Hugo invested 2,300 in a mutual fund. g. Hugos Aunt Lydia gave him a birthday gift of 300.
- Question 3 Coces, a furniture shop owner, buys a new set of cabinet worth $9,850. He receives an invoice dated 26 October 2019 with trade discounts of 8 percent, 4 percent and is offered cash discount terms 3/15, 2/30, n/60. (i) Calculate the single discount equivalent to the trade discounts given.Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with trade discounts of 8% and 2 %. She is offered cash discount terms of, 15/10, n/30. Determine a) the single discount equivalent of the trade discount given. b) the net price after the trade discount. c) the last day to receive the 15% cash discount.4) Mitsi ordered school supplies for her small nurseryfrom Mr. Luna. Mr. Luna is a seller of school suppliesfrom Divisoria, 3/3/3 trade discount. Mitsi received a listprice of P8,210. The shipping of these supplies amountto P545, which is already in the list price. How muchshould Mitsi pay to Mr. Luna? 5) Determine the amount of payment on January 11,2019 for a product with List Price at P80,000 with, TradeDiscount of 15/30, and Cash discount of 1/10, n/30.a. The Date of invoice is January 2, 2019.b. The date of Invoice is January 1, 2019c. The date of Invoice is December 31, 2019 6) How much is the remaining balance on due date?Invoice Date: 11/5/14Date of goods’ arrival: 11/8/14List Price: P368,900Shipping fee: P3,240 (separate invoice)Terms of Payment: FOB Destination 8% Trade discount6/10,3/20, n/30Partial Payments: P90,000 on Nov 8, 2014P130,000 on Nov 14, 2014P40,000 on Nov 21, 2014P50,000 on Nov 25, 2014
- 23 Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: a. Short-term notes receivables b. Invoice c. Receipt d. Short term notes payablesOn October 1, 2022, Harlan received a $15,000, six-month, 10% note in exchange for goods sold to McBride Company. Prepare the journal entry to record the receipt of the note on October 1, 2022. Prepare the adjusting entry to record the accrued interest on the note at December 31, 2022. Write a wriiten explanation on what would Harlan do if McBride dishonors its note, but Harlan still expects to eventually collect it?2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.
- 38) On December 1, 2019, Pinewood Company sold machinery to a customer for $2,000. Pinewood regularly sells machinery. The customer could not pay at the time of sale but agreed to pay 9 months later and signed a 9-month note at 12% interest. Prepare the journal entry to record the revenue at the time of sale. Ignore the entry for cost of goods sold. Omit explanation. 39) ABC Accepted a 90 day, 8%, $50,000 Note Receivable from from a customer to replace an Account Receivable. The note matured and ABC received $50,500 at maturity. Record the entry for the collection of the note receivable.Question 3 - show calculations) You are working at Grey Company. You purchased a house in 2020. Gray Company gave you a housing loan on May 1, 2020 for $80,000 at a rate of 2 percent interest. You pay the interest on the loan every month. The 2020 prescribed interest rates are as follows: First quarter 5% Second quarter 4% Third quarter 3% Fourth quarter 3% What is your taxable benefit on the above loan for 2020? A) Nil. B) $267.40. C) $670.68. D) $1,073.97. E) $2,147.95. F) $667.40.Currem Attempt in Progress Natalie is thinking of reporying all amosts outstanding to her grandmother. Fecall that Cookie Creakions borrowed $2,000 on Nowtmber 16, 2019, from Natalie's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 2 mentris. Recal that a monthy adjusting joumal entry was prepared for the months of November 2019 (1/2 menth ), Dectember 2019 and January 2020. Calculate the interest payable that was accrued and recorded to July 31, 2020, assuming monthly adjusting entries were made.Interest payable = $________ correct answer is $ 85
