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Horizon Telecom sold $300,000 worth of 120-day commercial paper for $298,000.
1.What is the dollar amount of interest paid on the commercial paper? Format: 1,111
2.What is the effective 120-day rate on the paper? Format: 1.11%
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- Jeffrey Telecom sold $300,000 worth of 120-day commercial paper for $298,000? Show Solutions and Explanation. A. What is the dollar amount of interest paid on the commercial paper? (Format: 1,111) B. What is the effective 120-day rate on the paper? (Format: 1.11%)McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 70 days after their purchases.a. What is the days sales outstanding?b. What is the average amount of receivables?c. What is the percentage cost of trade credit to customers who take the discount?d. What would happen to McEwan’s accounts receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?McDowell Industries sells on terms of 3/10, net 30. All sales for the year are on credit amount to Ksh 912,500,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 40 days after their purchases. a. What is the days’ sales outstanding? b. What is the average amount of receivables? c. What is the percentage cost of trade credit to customers who take the discount? d. What is the percentage cost of trade credit to customers who do not take the discount and pay in 40 days? e. What would happen to McDowell’s accounts receivable if it toughened up on its collection policy with the result that all non-discount customers paid on the 30th day?
- McEwan Industries sells on terms of 3/10, net 30. Total salesfor the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts,while the other 60% pay, on average, 70 days after their purchases.a. What is the days sales outstanding?b. What is the average amount of receivables?c. What is the percentage cost of trade credit to customers who take the discount?d. What is the percentage cost of trade credit to customers who do not take the discountand pay in 70 days?e. What would happen to McEwan’s accounts receivable if it toughened up on its collectionpolicy with the result that all nondiscount customers paid on the 30th day?Commercial paper is usually sold at a discount. Tan Corporation has just sold an issue of 90-day commercial paper with a face value of $1 million. The firm has received initial proceeds of $978,000. (Note: Assume a 365-day year.) 1.If a brokerage fee of $9,612 was paid from the initial proceeds to an investment banker for selling the issue, what effective annual rate will the firm pay, assuming that the paper is rolled over every 90 days throughout the year? Format: 11.11%McEwan Industries sells on terms of 3/10, net 20. Total sales for the year are $971,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 90 days after their purchases. Assume 365 days in year for your calculations. What is the days sales outstanding? Round your answer to two decimal places. days What is the average amount of receivables? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the percentage cost of trade credit to customers who take the discount? If your answer is zero, enter zero. Round your answer to two decimal places. % What is the percentage cost of trade credit to customers who do not take the discount and pay in 90 days? If your answer is zero, enter zero. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost: % Effective cost: % What would happen to McEwan’s accounts receivable if it toughened up on its collection…
- 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. 4,000,000Don Ltd bought a $100 000 commercial bill in the secondary market with 100 days to maturity. It was discounted at 8%. How much did the company pay?Arthur Company sells 1,000 units of radio sets at P9,000 each for cash. Each radio set is under warranty for one year andthe company has estimated from past experience that warranty cost will probably average P500 per unit and that only60% of the units sold will be returned for repairs. During the year, actual payment incurred for repairs is P180,000.What amount would be recorded as estimated warranty liability at the end of the year?a. 300,000 c. 480,000b. 180,000 d. 120,000
- 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 should be reported as rebate liability for unredeemed coupons at year-end? a. 1,225,000 b. 1,750,000 c. 0 d. 1,050,000McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $912,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 40 days after their purchases. What is the day’s sales outstanding? What is the average amount of receivables? What is the percentage cost of trade credit to customers who take the discount? What is the percentage cost of trade credit to customers who do not take the discount and pay in 40 days. What would happen to McDowell’s account receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000 are on cash basis. Half of the customers pay on the tenth day and take discounts on average, 40 days after their purchases. What is the average amount of receivables? a. P62,500 b. P69,444.44 c. P20,408.16 d. P10,204.08
