With credit terms of 2/10, n/30, the discount rate for paying after 11th days should be_______. The first section of an income statement shows the ___________________ Gross profit will be presented in the income statement after ____________________. In perpetual method, _______________ will be credited if an item bought will be returned.
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- With credit terms of 2/10, n/30, the discount rate for paying after 11th days should be_______.
- The first section of an income statement shows the ___________________
- Gross profit will be presented in the income statement after ____________________.
-
In perpetual method, _______________ will be credited if an item bought will be returned.
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- Liberty Corporation reported the following financial statements: Assume all sales are on credit. During 2019, Liberty’s days’ sales in receivables ratio Was (amounts rounded) a. 34 days. b. 30 days. c. 32 days. d. 28 daysn the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The monthly periodic rate is given to be 1.75%. Find the APR. APR = 12 ✕ monthly periodic rate = 12 ✕ ____ % = ____%On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the sales discount be if the payment is received on April 6?
- At the end of the year, Bertha Enterprises estimates the uncollectible accounts expense to be 0.7 percent of net sales of $15,150,000. The current credit balance of Allowance for Uncollectible Accounts is $25,800. 1.Prepare the entry to record the uncollectible accounts expense. 2. what is the balance of the allowance for uncollectible accounts after this adjustment.At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.Your company has been offered credit terms on its purchases of 4/30, net 90days. What will be the nominal annual cost of trade credit if your companypays on the 35th day after receiving the invoice? (Assume a 365-day year.)a. 30%b. 304%c. 3%d. 87%e. 156%
- Milford Company uses the percent-of-sales method to estimate uncollectibles. Netcredit sales for the current year amount to $140,000, and management estimates 2% will beuncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $3,000. The amount of expense to report on the income statement will bea. $1,500.b. $2,800.c. $8,400.d. $5,800.Based on the following data for the current year, what is the number of days' sales in receivable? Net sales on account during year $498,171 Cost of goods sold during year 163,215 Accounts receivable, beginning of year 42,207 Accounts receivable, end of year 51,640 Inventory, beginning of year 92,904 Inventory, end of year 119,969 Round your answer up to the nearest whole day. Select the correct answer. 88 days 78 days 120 days 34 daysAssume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.
- Use the following information from an account analysis statement to answer the following questions: • Collected balance = $500,000 • Service charges = $5,000 • Reserve requirement ratio of 10 percent • Days in month = 30 days • Earnings credit rate = 0.60 percent a. Calculate the monthly earnings credit allowance and the net service charges. b. Solve for the collected balances required and interpret the value. c. Suppose that the earnings credit rate is re-negotiated upward to 0.75 percent. Recalculate the earnings credit allowance, net service charge, and collected balance required. * With complete calculationIn 2020, Sahara Company has net credit sales of $923,795 for the year. It had a beginning accounts receivable (net) balance of $38,275 and an ending accounts receivable (net) balance of $35,988. Instruction: Compute Sahara Company’s (a) Accounts receivable turnover. (b) Average collection period in days.Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…