What total amount must be paid on August 5th to settle an invoice dated July 25 for $1,090.49 with terms 3.5/10, 1.5/20, n/60? Round your final answer to two decimals, (Do not round intor
Q: An equipment appears in the balance sheet of a company at $15,000 with a remaining useful life of 3 ...
A: Note: As per the general accounting rule, if a company earns the benefit of an expense over the peri...
Q: A long-term capital gain is the gain from the sale of a capital asset held six months or longer. T...
A: The assets such as building, land, house, vehicles, mutual funds and jewellery. As the investor sell...
Q: b. Assume that the employees of Purnell, Inc., must also pay state contributions (disability insuran...
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are t...
Q: A bet is placed, and it is agreed to pay $612.52 in three years to bookie to cover the loss. If the ...
A: A Compound interest is the interest earned on principal amount and previously accumulated interest. ...
Q: A company estimated the manufacturing overhead costs for the coming year at $420,000. The total esti...
A: Predetermined Overhead Rate: Predetermined overhead rate is a measure used to allocate the estimate...
Q: The capital balances in the BEE are Betty’s capital P600,000, Eli’s capital P500,000, and Edna’s cap...
A: Bonus is defined as the compensation which is beyond and above the normal or financial payment expec...
Q: Determine net income for Kein using the following information. Accumulated depreciation S140,000 Beg...
A: Definition: Net income: Net income is the excess amount of revenue that arises after deducting all t...
Q: J&J Music Builders is a new business in the industry. Currently, they are producing and selling bamb...
A: Number of units under which both the type of guitars will have the same profit is found by finding t...
Q: Explain why firms must correctly classify expenditures incurred as either capitalexpenditure or reve...
A: Definition: Capital Expenditure is the cost incurred by a corporation on acquiring non-current asset...
Q: Henry Company has established the following standards for the costs of one unit of its product. Thes...
A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...
Q: XYZ company sells the goods on account for $5,000 to ABC Company on March 10 with a credit term of 2...
A: Net Purchases = Gross Purchases - Purchase return = $5,000 - $750 = $4,250
Q: Does the insurance policy offer a gym membership rebate?
A: Insurance policy is defined as the contract among the policyholder and the insurer, which states the...
Q: Explain “ACCRUAL BASIS” and “CASH BASIS” briefly with your own word by giving specific examples. If ...
A: Accrual system of accounting says that what ever is due , is to be recorded in books of accounts whe...
Q: How many statements below regarding margin of safety are correct? 1. It is the amount by which sales...
A:
Q: P1.30P1.25P1.20P1.15Answer not given
A: Machine hour rate (MHR) is the expense of running a machine for 60 minutes. Under this strategy mach...
Q: Sunshine company has a defined benefit pension plan. Using the data available related to pension, ca...
A: Defined Benefit Plan is a form of retirement benefits for the employees of a corporation in which th...
Q: Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a ...
A: Unearned revenue: The revenue which is received by the company for the services or goods to be deliv...
Q: Meed Company estimates the company will incur $65,000 in overhead costs and 5,000 direct labor hours...
A: Overheads are considered as fixed and common expenses that should be allocated to the products on th...
Q: There can be three subgroups within the long-term capital gain or loss group – 0%/15%/20%, 25%, and ...
A: Introduction: Long term: When the period is more than one year then it is called as long term. When ...
Q: I need help with this accounting problem
A: The following calculations are done in the records of Aaron Company.
Q: Make or Buy A company manufactures various-sized plastic bottles for its medicinal product. The manu...
A: Under make or buy decision making, we should choose that alternative which has less cost.
Q: Sales, gross $ 275,000 Sales returns and allowances $ 18,000 Sales discounts 5,500 Sales s...
A: Net Sales = Gross sales - Sales returns and allowances - Sales discounts
Q: Hadley Company is considering the disposal of equipment that is no longer needed for operations. The...
A: Definition: Differential Analysis: Differential analysis refers to the analysis of differential reve...
Q: Sandra Company provided the following information for the current year: Current service cost 500,000...
A: Accrued benefits refers to those benefits on which employee has earned based on their service or oth...
Q: Judi Dench is a licensed dentist. During the fi rst month of the operation of her business, the fol...
A: (a) Journal Entries A format of recording business transactions with summary of debits and credits ...
Q: Artiga Corp. provides the following information for the year 20X2: Particulars Values Income before ...
A: Tax Expenses:-Tax is the amount which an individual or corporation owes to the government and has to...
Q: PRS company is preparing cash budget for the forthcoming year with the following details: 1st 2nd 3r...
A: The cash budget shows the cash planned to be incurred and receive in the future in the business of t...
Q: Internal Rate of Return Method The internal rate of return method is used by Testerman Construction ...
A: Given: Initial cost = $37,345 Cash inflows = $7,000 Years = 8
Q: A company reports the following sales-related information. Sales, gross $ 275,...
A: Net sales = Gros sales - Sales returns and allowances - Sales discounts
Q: Capital balances in the CARE Partnership are C’s capital P500,000, A’s capital P400,000, R’s capital...
A: Partnership means when two or more person legally come together and commence a business sharing pr...
Q: Mc. Claim manufactures and sells two products, ABS and DBS in the ratio of 3:2. Product ABS sells fo...
A:
Q: In a multiple-step income statement, the dollar amount for income from operations is always the same...
A: A multiple step income statement refers to the income statement that shows the operating and non-ope...
Q: Nest corporation issued 5-year, 5% bonds having a par value of $100,000. The company received procee...
A:
Q: 2. Hamid Company consumes inventory of 100,000 units of components per year. The carrying cost per u...
A: Given information is: Hamid Company consumes inventory of 100,000 units of components per year. The ...
Q: Golden Eagle Company began operations in 2014 by selling a single product. Data on purchases and sal...
A: Inventory refers to the amount of goods which are available for sale and the raw materials which are...
Q: The Mac-Don-Ald Partnership is being liquidated. All liabilities have been paid and the remaining as...
A: The program of priority represents the higher amount held by a partner would be distributed to anoth...
Q: Artiga Corp. provides the following information for the year 20X2: Particulars Values Income before ...
A: Tax is a compulsory payment to the tax authorities on the account of utilization of resources belong...
Q: Your company is upgrading to more efficient production equipment for your firm’s only product. This ...
A: Initial investment is the amount required to start a business or a project. In Capital Budgeting d...
Q: Keyboard uses activity-based costing. Two of Keyboard's production activities are kitting (assemb...
A: Activity-Based Costing: Activity-Based Costing is the method of costing which is used to assign the ...
Q: On 1st November, 2012 Manoj owed Rs. 28,754 to his suppliers. During the year he paid his suppliers ...
A: Definition: Supplies: Supplies is an asset; hence it is shown in the balance sheet. Current assets: ...
The Numerical has covered the concept of Credit terms.
Credit terms are the installment terms referenced on the receipt at the hour of purchasing merchandise. It is an arrangement between the purchaser and dealer about the timings and installments to be made for the merchandise purchased using a loan. It is otherwise called installment terms
Step by step
Solved in 2 steps
- Problem # 7 What payment should be made on an invoice in the amount of $9,400 dated January 11 if the terms of sale are 2/15, 1/30, n/45 and the bill is paid on a. January 23? b. February 20?Can I please get help with this question?(5.5) Year 1 December 16 Accepted a(n) $13,600, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd’s payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,600, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,000, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,150, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received…N2. Question Content Area Baker Green's weekly gross earnings for the week ending December 7 were $2,200, and her federal income tax withholding was $264. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar.$fill in the blank 1
- Question 6 - : On October 1, 2022, Xerox Equipment Inc. sold specialized office equipment to Bellamy Co. and received a 2-year, $120,000 8% note in lieu of cash. Interest is received annually on the note on October 1 and Xerox financial year ends December 31. Fill in the necessary information identified by the numbering to complete the journal entries at the given dates. a. October 1, 2022 Dr. Cr. I III II III I Answer 1 Question 6 II Answer 2 Question 6 III $Answer 3 Question 6 b. December 31, 2022 Dr. Cr. I III II III I Answer 4 Question 6 II Answer 5 Question 6 III $Answer 6 Question 6 c. October 1, 2023 Dr. Cr. I III II IV Interest Revenue V I Answer 7 Question 6 II Answer 8 Question 6…Question 3. AGM Accounting received an invoice dated Jun 4th. The invoice is for office equipment and the supplier charged AGM $14,000 less 30%, with terms 4/15, n/45, ROG. The furniture arrives on Jul 10th.a) What date is the cash discount valid until?b) How much will AGM have to pay if it takes advantage of the cash discount?c) What date is the credit period valid until?d) Suppose AGM sends a $7,000 cheque for partial payment on Jul 17th. How much does AGM still owe after this payment? Assume the cash discount period has passed and we are still within the credit period.PA10. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 December 31, interest accrued on note payable, $4,250
- Question A You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What is the outstanding balance on the January 25th invoice after the January 27th payment? Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this linePls only do part D Question 3. AGM Accounting received an invoice dated Jun 4th. The invoice is for office equipment and the supplier charged AGM $14,000 less 30%, with terms 4/15, n/45, ROG. The furniture arrives on Jul 10th.a) What date is the cash discount valid until?b) How much will AGM have to pay if it takes advantage of the cash discount?c) What date is the credit period valid until?d) Suppose AGM sends a $7,000 cheque for partial payment on Jul 17th. How much does AGM still owe after this payment? Assume the cash discount period has passed and we are still within the credit period.Ass 3.4: ADJUSTING ENTRIES 1. Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 20x2. What is the adjusting entry to take up accrued interest income on December 31, 20x1? 2. Entity A is renting out its building to a tenant for a monthly rent of ₱30,000. As of December 31, 20x1, the tenant has not yet paid the rent for the months of November and December. What is the adjusting entry to take up accrued rent income on December 31, 20x1? 3. Entity A issued a 12%, ₱500,000, one-year, note payable on July 1, 20x1. The principal and interest are due on July 1, 20x2. What is the adjusting entry to take up accrued interest expense on December 31, 20x1? 4. Entity A has equipment with a historical cost of ₱1,000,000. The equipment was estimated to have a 10-year useful life when it was acquired four years ago. What is the adjusting entry…
- Question 3 On June 1, 2022 Clyde Co. borrows $86 000 on a nine-month, 6.6% note Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the July 31, 2022 year end Required: 1. Prepare the journal entry on issuance date. 2. Prepare the year end adjusting journal entry 3. Prepare the journal entry at maturity dateExercise 5-19 (Algo) Prepaid expenses—insurance LO 10 Skip to question [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $4,440 on March 1, 2019. Exercise 5-19 (Algo) Part a (1) a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with – for decreases.)P8 Prepare the adjusting entry for each of the following situations. The last day of the accounting period is December 31. a. The payment of the P19,000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy has now expired. b. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending December 26. They worked on Monday, Dec. 29, Tuesday, Dec. 30 and Wednesday, Dec. 31. c. The Supplies account had a balance of P4,480 on January 1. During the year, P11,000 of supplies were bought. A year-end inventory showed that P6,400 worth of supplies are still on hand. d. Equipment costing P588,000 has a useful life of 5 years with an P80,000 salvage value at the end of its life. Record the depreciation for the year.