Sunglow Company received an invoice for $232,250 dated November 8, 2017 with payment terms 3/5, 2/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates: a. November 12, 2017 Round to the nearest cent

Sunglow Company received an invoice for $232,250 dated November 8, 2017 with payment terms 3/5, 2/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates: a. November 12, 2017 Round to the nearest cent

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 20MC: Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of...

See similar textbooks

Related questions

Q: On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On…

A: Sale Amount of merchandise = $ 11600

Q: An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received…

A: Given: 7/18 means if you pay the bill within 18 days you will get a discount for 7% N/30 means if…

Q: Gigabyte traders has the following transactions for the month of August 2018: Aug 7- Goods returned…

A: Amount transfer to Purchases return daybook for the month of September 2018 = Goods returned to Max…

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made…

A: The question is based on the concept of Financial Management.

Q: The balance in Galaxy Co.'s accounts payable account at December 31, 2015 was $700,000 before any…

A: Determine the amount of accounts payable during December 31, 2015.

Q: Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a…

A: Interest revenue is credited for $1,500.

Q: Scarlet Company received an invoice for $67,000.00 that had payment terms of 2/5 n/30. If it made a…

A: Many companies provide their customers with trade credit which is the ability to receive the goods…

Q: On December23, 2018, Silverman Sports Manufacturing sells a truckload of merchandise to the…

A: Introduction: Free on Board (FOB) refers to the term that is used for the determination of the party…

Q: Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the…

A: SOLUTION- ACCOUNTS PAYABLE ARE AMOUNT DUE TO VENDORS OR SUPPLIERS FOR GOODS OR SERVICES THAT HAVE…

Q: Blossom Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The…

A: Journal entry Journal entry refers to an entry that is made to record the financial transactions in…

Q: AN invoice dated 19th November 2016 was received by Syahirah for the purchase of an item. The price…

A: Cash discount = (Price after trade discounts - transportation cos) x discount rate = (RM7,895 -…

Q: On December 12, 2016, Pace Electronics received $24,000 from a customer toward a cash sale of…

A: Deferred Revenues Deferred revenue is the amount received in advance and is not earned in the…

Q: The following facts relate to gift cards sold by Sunbru Coffee Company during 2018. Sunbru’s fiscal…

A: Deferred Revenue - Deferred Revenue is the money received in advance, but revenue is not yet…

Q: Prepare journal entries on the Basim plc books to record sales and receivables all the events noted…

Q: On December 12, 2018, Pace Electronics received $24,000 from a customer toward a cash sale of…

A: Deferred revenues: Collection of cash in advance to render service or to deliver goods in future is…

Q: Joyce's Company received an invoice for $211,250 dated November 4, 2011 with payment terms 7/3,…

A: Invoice amount is $211,250 dated November 4, 2011 payment terms 7/3, 2/20, n/45 which means if…

Q: VICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following…

A: Accounts payable refers to the short-term liabilities or debt of an organization. It is recorded…

Q: On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for…

A: Perpetual inventory methodology of accounting of inventory states that the update accounting records…

Q: Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for…

A: Bookkeeping is the recording of monetary transactions on a regular basis. It consists of analyzing…

Q: Tamarisk Exporters sold goods to Coronado Electronics for $75,000 on October 1, 2017, accepting…

A: Interest accrued on december 31 = Face value of note x rate of interest x no. of months/12 =…

Q: Blossom Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The…

A: Net Method: The sales are initially reported with the net value, i.e., after deducting the amount of…

Q: Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Boeing Truck Company received an invoice showing 12 tires at $114 each, 15 tires at $157 each, and…

A: An account payable is defined as the amount a business owed for purchases they made on credit. they…

Q: Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021.…

A: The question is related to the goos sold om credit. The credit policy os 2/10, net 30. It means that…

Q: Gear Company’s accounts payable balance at December 31, 2021 was P1,100,000 before considering the…

A: Accounts payable is amount due to suppliers for purchase of goods and…

Q: E8-1

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: An invoice for $120,700 dated May 26, 2014 for a shipment of furniture has payment terms 1.5/15,…

A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…

Q: repare journal entries on the Basim plc books to record sales and receivables all the events noted…

Q: The following information has been presented to you for 2018 by Wonder Projects Limited:…

A: Cash Budget is the important budget in business which helps in estimating cash to be received, cash…

Q: Starlight, a Kingston based production company, shipped a truck-load of lighting equipment to a…

A: Cash Discount: Invoices that are paid in full before the planned due date are entitled to a monetary…

Q: On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000 and agreed…

A: Given, Esquire Company sold some merchandise to a customer for $30,000 Noninterest-bearing discount…

Q: Citron Mechanical Systems makes all sales on credit, with terms 1/15, n/30. During 2019, the list…

A: Net method: Under the net method, the sales are initially recorded with the net amount i.e., after…

Q: Maplewood Supply received a $5,310 invoice dated April 15, 2015. The $5,310 included $310 freight.…

A: Inventory - An Inventory denotes the current asset of the company that is controlled and managed by…

Q: December 31, 2020 was P1,100,000 before considering the following transactions: • Goods were in…

A: Under FOB shipping terms, the buyer becomes the owner as soon as goods are shipped to the shipping…

Q: The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of…

A: Free on board shipping point (FOB shipping) refers to a situation where, the ownership of the goods…

Q: DCM Clocks received the following two invoices from its supplier: $26,500 on November 24, 2014 and…

A: Meaning of 3/15,1.5/30,n/60 - It means if the bill is paid within 15 days of the invoice a discount…

Q: 1,400,000

A: Accountants payable means amount payable by firm to vendor. Accountant payable consider only Credit…

Q: Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe…

A: Formula: Total Invoice = Purchase price + VAT

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made…

A: Let 2021 be year 0 First annual payment in year 2024 (year 3) = A3 = $4200 Total payments = 6 r = 8%

Q: The Field Detergent Company sold merchandise to the Abel Company on June 30, 2021. Payment was made…

A: Time value of money: Time value of money refers to the concept that the value of money available at…

Q: On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sunglow Company received an invoice for $187,500 dated November 8, 2017 with payment terms 3/5,…

A: Computation of the amount that require to sellle the invoice are as folows:Date: 12 November…

Q: ABC Company, located in La Trinidad, Benguet, sold merchandise to Minda, a customer located in La…

A: A cash discount is the fixed percentage of the selling price of goods and services. It is provided…

Q: Sarasota Corporation sells rock-climbing products and also operates an indoor climbing facility for…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: Wildhorse Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The…

A: Transaction on 02.01.17. The credit salees made for $ 569900 with the passt histiry of allowing…

Q: On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year,…

A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…

Q: ln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in…

A: In this we have to find out present value using factors.

Q: What amount must be remitted if invoices dated August 23 for $810, September 13 for $780 and…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Help me please

Sunglow Company received an invoice for $232,250 dated November 8, 2017 with
payment terms 3/5, 2/20, n/45 for a truck-load of goods. Calculate the amount
required to settle the invoice on the following dates:
a. November 12, 2017
Round to the nearest cent
b. December 23, 2017
Round to the nearest cent

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
the company received an invoice for $230,250 dated November 9, 2017 with payment terms 5/5, 1/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates: a. November 13, 2017 Round to the nearest cent b. December 24, 2017 Round to the nearest cent Round to two decimal place
Joyce's Company received an invoice for $211,250 dated November 4, 2011 with payment terms 7/3, 2/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates. a. November 6, 2011 Round to the nearest cent b. November 24, 2011 Round to the nearest cent c. December 19, 2011 Round to the nearest cent
Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the following transactions:  Goods were in transit from a vendor to Conner on December 31, 2017. The invoice price was $250,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018.  Goods were shipped to Conner FOB destination on December 20, 2017, from a vendor. The invoice price was $125,000. The goods were received on January 1, 2018.Given the above information, on December 31, 2017, Conner should report an accounts payable balance of?
Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the following transactions: • Goods were in transit from a vendor to Conner on December 31, 2017. The invoice price was $250,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018. • Goods were shipped to Conner FOB destination on December 20, 2017, from a vendor. The invoice price was $125,000. The goods were received on January 1, 2018. Given the above information, on December 31, 2017, Conner should report an accounts payable balance of a. $1,150,000 b. $1,775,000 c. $1,400,000 d. $1,650,000
Yellow Company reported accounts payable on December 31, 2017 at P900,000 before any necessary year-end adjusments relating to the following: * Goods were in transit from a vendor on December 31, 2009. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 4, 2020. *Goods shipped FOB shipping point on December 20, 2019 from a vendor were lost in transit. The invoice cost was P25,000. On January 5, 2020, the entity filed a P25,000 claim against the common carrier. *Goods shipped FOB destination on December 21, 2019 from a vendor were received on January 6, 2020. The invoice cost was P15,000. What amount should Yellow Company should report as accounts payable on December 31, 2019? 940,000 980,000 975,000 950,000 925,000
Three invoices for the amounts of $35,600, $28,000, and $40,550 were received on August 25, 2014, September 24, 2014, and October 17, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on October 24, 2014 to settle all three invoices. b Calculate the missing values and express your answers rounded to two decimal places. Cost Amount ofMarkup SellingPrice Rate of Markupon Cost Rate of Markupon Selling Price a. $270.00 25.00% % b. $68.00 % 26.00%
A Scarlet Company received an invoice for $71,000.00 that had payment terms of 4/5 n/30. If it made a partial payment of $14,700.00 during the discount period, calculate the balance of the invoice. B Three invoices for the amounts of $34,800, $24,000, and $41,550 were received on August 25, 2014, September 24, 2014, and October 17, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on October 24, 2014 to settle all three invoices.
Blossom Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $649,000 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,000. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Blossom for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Blossom Company on January 2, 2017, and the payment on January 28, 2017. Assume that Blossom Company records the January 2, 2017, transaction using the net method. 2. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Blossom Company on January 2, 2017, and the payment on January 28, 2017. Assume that Blossom Company records the January 2, 2017, transaction using the gross method.
Blossom Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $649,000 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,000. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Blossom for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Blossom Company on January 2, 2017, and the payment on January 28, 2017. Assume that Blossom Company records the January 2, 2017, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Wildhorse Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $569,900 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Wildhorse for the full sales price.Prepare the journal entry(ies) to record the sale and related cost of goods sold for Wildhorse Company on January 2, 2017, and the payment on January 28, 2017. Assume that Wildhorse Company records the January 2, 2017, transaction using the net method.