Mekka Hypermarket on January 1st, 2020, sold rice product on account to Al Karama shop for RO 3,000. The sales term is 3% on 45 days. On January 31, Al Karama shop informed Mekka that they have financial issue
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- PB7. LO 6.4Review the following sales transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers made a cash sale of 40 fishing poles to customer Billie Dyer at a price of $55 per pole. The cost to April is $33 per pole. Oct. 5 April Anglers sells 24 fishing poles to customer Billie Dyer at a price of $52 per pole on credit. The cost to April is $30 per pole. Terms of the sale are 2/10, n/30, invoice date October 5. Oct. 12 Billie returns seven of the fishing poles from the October 4 purchase to April Anglers for a full refund. April returns these poles to their inventory at the original cost per pole. Billie also discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps them since April granted an allowance of $18 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts.E6.14 (LO 5) (Gift Card Sales and Redemptions) During December 2023, Soft Skin Ltd. sells $20,000 of gift cards to customers. From reliable past experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In January 2024, $2,000 of these cards is redeemed for merchandise with a cost of $1,500. In February 2024, a further $10,000 of these cards is redeemed for merchandise with a cost of $8,000. The company uses a perpetual inventory system and has a February 28 year end Instructions Prepare the journal entry needed for December 2023. Prepare the journal entry needed for the January 2024 redemptions. Round to the nearest dollar. Prepare the journal entry needed for the February 2024 redemptions. Round to the nearest dollar. What amount, if any, will appear on the SFP concerning gift cards at February 28, 2024? Note:- Do not provide handwritten…E13.9 (LO1) (Adjusting Entry for Sales Tax and VAT) Eastwood Ranchers sells a herd ofcattle to Rozo Meat Packers for €30,000 and the related VAT. Rozo Meat Packers sells thebeef to Wrangler Supermarkets for €40,000 and the related VAT. Wrangler Supermarkets sellsthis beef to customers for €50,000 plus related VAT.Instructionsa. Assuming the VAT is 15% on all sales, prepare the journal entry to record the sale byRozo Meat Packers to Wrangler Supermarkets.b. What is the net cash outlay that Eastwood Ranchers incurs related to the VAT?
- EB9. 12.4 Airplanes Unlimited purchases airplane parts from a supplier on March 19 at a quantity of 4,800 parts at $12.50 per part. Terms of the purchase are 3/10, n/30. Airplanes pays one-third of the amount due in cash on March 30 but cannot pay the remaining balance due. The supplier renegotiates the terms on April 18 and allows Airplanes to convert its purchase payment into a short-term note, with an annual interest rate of 9%, payable in six months.Show the entries for the initial purchase, the partial payment, and the conversion. EB10. 12.4 Use information from EB9. Compute the interest expense due when Airplanes Unlimited honors the note. Show the journal entry to recognize payment of the short-term note on October 187 1 A 02 Ready B X Given: FONT Round to the nearest cent a. What was the principal portion of payment number 4? 50.00 Ass.11#2 37°F Partly sunny Caitlin purchased a machine for $25,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 4.02% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan. F G b. What was the interest portion of payment number 4? Ass.11#1 page 570 #8 Alignment page 570 #10 Q Search + page 570 # 14 Number page 586 #2 K page 587 #8 ann M38 - After a 15% discount on an invoice, the invoice amount has decreased to 170 TL. In this case, what is the main value of the invoice? (Outer Percentage Calculations Basic Value Calculation formula X = (100 * X2) / 100 − ?)A) 500B) 200C) 300D) 400E) 100
- Question no. 1: McDowell Industries sells on terms of 4/10, net 40. Total sales for the year are $825,500. Thirty percent of customers pay on the 15th day and take discounts; the other 70% pay, on average, 60 days after their purchases. What is the days sales outstanding? What is the average amount of receivables? What would happen to average receivables if McDowell toughened its collection policy with the result that all non-discount customers paid on the 40th day? Question no.2: International Industries sells on terms of 3/10, net 50. Gross sales last year were 5,662,500 and accounts receivable averaged 547,500. Half of International’s customers paid on the 15th day and took discounts. What are the nominal and effective costs of trade credit to International’s non-discount customers? (Hint: Calculate sales/day based on a 360-day year, then calculate average receivables of discount customers and then find the DSO for the non-discount customers. Question no.3: The D.J. Masson…BUS 038 : Business Computations7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate (a) the last day of the discount period, and (b) the last day of the credit period. b. Last day of credit period:BUS 038 : Business Computatns 11. You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate the last day of the discount period. The discount period ends 100 days (10 + 90 = 100) after the date of the invoice. February 5 is day 36.
- EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required:Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $Lily Corp. Corp. sells on term 2/20, net 40. Total credit sale for the year are P180,000. 40% pays on the 20th day and take discounts while the rest pay on the due date. What is the average amount of accounts receivable? (Use 360-day year) a. 16,000 b. 36,667 c. 26,667 d. 12,000Fast pls solve this question correctly in 5 min pls I will give u like for sure Surbh Jen Incas text liability of $170,000 in pretax income of $500,000. What's the average tax rate of gin Inc.