Dallas Pierce's most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas's average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle $1,050 previous balance $ 220 cr. 9/2 9/7 9/13 9/17 Billing date Payment Charge: Kohl's Payment Charge: WalMart 390 260 cr. 9/28 85 Average daily balance Finance charge New balance Jill bought a $740 rocking chair. The terms of her revolving charge are 1.5% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3, Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number Outstanding balance due 1.5% interest payment Outstanding balance due Amount of Reduction in monthly payment balance due 2. 3.

Dallas Pierce's most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas's average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle $1,050 previous balance $ 220 cr. 9/2 9/7 9/13 9/17 Billing date Payment Charge: Kohl's Payment Charge: WalMart 390 260 cr. 9/28 85 Average daily balance Finance charge New balance Jill bought a $740 rocking chair. The terms of her revolving charge are 1.5% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3, Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number Outstanding balance due 1.5% interest payment Outstanding balance due Amount of Reduction in monthly payment balance due 2. 3.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: a. Monthly fee 4, check-processing fee of 20 cents, average of 23 checks written per month b. Annual interest of 1.5 percent paid if balance exceeds 750, 8 monthly fee if account falls below minimum balance, average monthly balance 815, account falls below 750 during four months
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 days
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual interest rate on the loan is 8%, recognized on December 31. (Round answers to the nearest whole dollar if needed.) A. Compute the interest recognized as of December 31 in year 1 rounded to the whole dollar. B. Compute the principal due in year 1.
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,070 previous balance 9/7 Payment $ 260 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 280 cr. 9/28 Charge: WalMart 95
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,090 previous balance 9/7 Payment $ 300 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 300 cr. 9/28 Charge: WalMart 105 Average daily balance Finance charge New balance
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,090 previous balance 9/7 Payment $ 300 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 300 cr. 9/28 Charge: WalMart 105 Average daily balance Finance charge New balance NOTE: If you come up with an average daily balance of $997.5 that is an incorrect answer. Please review your answers beforehand, because time is of the essence. Thank you in advance!