washer is 499. Best Buy is having a sale for 20% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 7.5%. Determine the total amount paid for the dis
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The regular price for a dishwasher is 499. Best Buy is having a sale for 20% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 7.5%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid.
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- A store has a sale with 10 % off every item. When you enter the store, you receive a coupon that states you receive an additional 10 % off any sale price. If you plan to purchase an item that sells for $23, what will your total discount be (a) in dollar amount and (b) in percent?Energetic Company includes one coupon in each box of laundry soap it sells for P500 each. A towel costing P100 and with a selling price of P120 is offered as a premium to customers who send in 10 coupons and a remittance of P20. The following are the information available (see image below).Energetic’s experience indicates that only 30% of the coupons will be redeemed. (Do not round off during computation)How much is the Total Revenue to be recognized in 2021?A couch is priced at $980.00 if bought for cash. On the stores installment plan, a down payment of $100 and 24 payments of $45 each are required. What is the finance charge?
- A regional furniture company is offering either a discount equal to twice the state sales tax or interest-free financing for 60 months. The state sales tax is 6%. What is the effective annual interest rate for financing versus the discount? Assume you are buying $1000 worth of furniture. How will you decide which option to take?A specialty shop procures several antique clocks for $5,000 apiece and offers them to customers for $7,150 each. What is the mark-up, as a percentage?Kumi Ltd permits its customers to pay with a credit card or to receive a percentage discount ? for paying cash. For credit card purchases, the company receives 97% of the purchase price one-half month later. Determine the value of ? that would make the two payment methods equivalent if the company’s annual rate of return is 14%.
- To increase sales, DD Company inaugurated a promotional campaign on June 30, 2020. DD placed a couponfor a premium in each box of cake sold at P400. A coffee mug costing P60 is offered as premium to customers who sendin 5 coupons and a remittance of P20. The distribution cost per premium is P10. DD Company estimated that only80% of the coupons issued will be redeemed. For the six months ended December 31, 2020, the following data isavailable in terms of units:Boxes of cake sold 20,000Premiums purchased 3,000Coupons redeemed 10,000What is the estimated liability for premiums on December 31, 2020?a. P180,000 b. P150,000 c. P160,000 d. P60,000A New York City daily newspaper called “Manhattan Today” sells annual subscriptions for a fee of $216. To attract more subscribers, the company offered a package to new subscribers. The $210 cost of the package includes: an annual subscription and a coupon for a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $200 per hour. The company estimates that approximately 30% of the coupons will be redeemed. Required: How much revenue should Manhattan Today recognize upon receipt of the $210 subscription price? How many performance obligations exist in this contract? Prepare the journal entry to recognize sale of 15 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation.You are the owner of four Taco Bell restaurant locations. You have a business loan with Citizens Bank taken out 52 days ago that is due in 106 days. The amount of the loan is $47,000, and the rate is 9.0% using ordinary interest. You currently have some excess cash. You have the choice of sending Citizens $23,600 now as a partial payment on your loan or purchasing an additional $23,600 of serving supplies such as food containers, cups, and plastic dinnerware for your inventory at a special discount price that is "14% off" your normal cost of these items. a. How much interest will you save on this loan if you make the partial payment and don't purchase the additional serving supplies?Do not round intermediate calculations. Round final answer to the nearest cent. $ b. How much will you save by purchasing the discounted serving supplies and not making the partial payment?Do not round intermediate calculations. Round final answer to the nearest cent. $ c.What other factors should…
- Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? B. What is the total tax charged to the customer per large package? What is the overall charge per large package? C. How much sales tax liability does Stork Enterprises have for the month of May? D. What accounts are used to recognize this tax situation for the month of May? E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability?Martz Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2020, customers purchase products for $300,000 (with a cost of $171,000) and earn 30,000 points redeemable for future purchases. Martz expects 25,000 points to be redeemed. Martz estimates a standalone selling price of $2.50 per point (or $75,000 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Martz concludes that the points are a separate performance obligation. Instructions a. Determine the transaction price for the product and the customer loyalty points. b. Prepare the journal entries to record the sale of the product and related points on July 2, 2020. c. At the end of the first reporting period (July 31, 2020), 10,000 loyalty points are…You are the owner of four Taco Bell restaurant locations. You have a business loan with Citizens Bank taken out 54 days ago that is due in 116 days. The amount of the loan is $37,000, and the rate is 7.5% using ordinary interest. You currently have some excess cash. You have the choice of sending Citizens $19,800 now as a partial payment on your loan or purchasing an additional $19,800 of serving supplies such as food containers, cups, and plastic dinnerware for your inventory at a special discount price that is "12% off" your normal cost of these items. a. How much interest will you save on this loan if you make the partial payment and don't purchase the additional serving supplies?Do not round intermediate calculations. Round final answer to the nearest cent. $ b. How much will you save by purchasing the discounted serving supplies and not making the partial payment?Do not round intermediate calculations. Round final answer to the nearest cent. $
