Practice 6: The following is an analysis of the bills discounted from the books of accounts of aAM Bank as at 31st December 2017Bills discounted6,000,00050,000150,000Rebate on bills discounted (1 January 2017)Discount ReceivedDate of billsAmount ROTerm monthsDiscounted at % p.aOctober 201,200,00012November 51,000,000410December 5600,000212December 20300,00010Required: Calculate the rebate on bills discounted for the above bills.•Pass the journal entries and•Show the discount and interest and rebate on bills discounted account in the ledger books ofbank.

Date of bills Amount RO Term months Due date mo of days in 2018 Discount rate Discount amount…

Answered: 1 January 20: nount RO

Business

Accounting

1 January 20: nount RO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 5. On March 5, 2026, you were hired by Wildhorse Inc., a closely held company, as a staff member of…

A: Item 1) No effect Reason;retained earnings on 12/31//24 since accounted for in 2024. ITEM 2)…

Q: Prepare Journal entries? A. July 1, issued common stock for cash, $15,000 B. July 15, purchased…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: 9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9-…

A: Intangible assets are capitalized to asset account as like fixed assets. this allocated cost is…

Q: A company purchased inventory for $1,200 per unit. The company later sold one unit of the inventory…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: In this section we examine three theories of investor preference: The dividend irrelevance theory.…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Gerald Company has the following account balances at the end of the first year of operations:…

A: Total assets includes current assets and non-current assets. The current assets include all those…

Q: Provide any additional journal entries or adjusting journal entries needed to properly record…

A: The accounting cycle is a collective process of identifying, analyzing, and recording the events or…

Q: Paceheco Corporation uses the weighted average method in its process costing system. The Molding…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: 6. Procter & Gamble has two manufacturing departments--Forming and Packaging. The company used the…

A: Lets understand the basics. Activity rate is required to calculate to allocate overhead cost to…

Q: Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance…

A: Solution: Bad debt expense = 106106 - 8240 = $97,866

Q: To begin this week's topic, briefly describe any one "threat" in the revenue cycle.

A: Revenue cycle is a process of revenue generation. This cycle starts from receiving an order from…

Q: 8. Grace Church paid off in cash a bank loan of $10,000. (A) Record the debit amount. (B) Record the…

A: Answer: As per Q/A guidelines, first question has been answered. Please repost other question. T-…

Q: Apples & Oranges Inc. is trying to become more efficient in shipping goods. It is experimenting with…

A: Strategic objective means the objective to be set and to be achieve by company in future for which…

Q: During 19X1 and 19X2, Company B used the percentage- of-completion method of accounting for…

A: Switching from the percentage-of-completion method to the completed-contract method of accounting…

Q: Contribution Margin Volume Variance Ioannis Inc., produces and sells two types of countertop…

A: Variance arises when the actual costs is different from the standard costs. The results are…

Q: Olde Shoppe has the following information at August 31: • Two deposits made on August 31 were not on…

A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each…

Q: On June 30, 2021, the market interest rate is 5%. Team Corporation issues $600,000 of 10%, 25-year…

A: Bonds are the securities which are issued by the entity for the purpose of raising funds from the…

Q: a. Assuming that no other costs are involved in processing potatoes or in selling products, how much…

A: When the goods are separated after the common process , then we need to consider two things :- If…

Q: is considering purchasing a water park in Oakland, California for $2,200,000. The new facility will…

Q: Howard and Bernadette are married (filing jointly) and have three qualifying children (ages 4, 12,…

A: The refundable portion of child tax credit is a maximum of $1400 with a earned income of at least…

Q: Nakano Food Products, Incorporated, acquired a packaging machine from Lawrence Specialists…

A: The financial statements are incorrect due to the error. So, the financial statements are restated…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: Pam Corporation paid $190,000 for 40 percent of Sun Corporation's outstanding voting common stock on…

A: Journal entries are how you record financial transactions. To make a journal entry, you enter the…

Q: estiöñ 15 Question 18 A firm with a 14 percent WACC is evaluating two projects for this year's…

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

Q: Milloy Self Storage purchased land, paying $155,000 cash as a down payment and signing a $145,000…

A: Land and building are the non-current assets which are reported in the balance sheet. These assets…

Q: Before Vaughn Corporation engages in the following treasury stock transactions, its general ledger…

A: For the purpose of maintaining track of commercial transactions, the business entities record them…

Q: How would you interpret this formula: 'Income Statement' ! C5 Ocell C5 from the Income Statement…

A: To refer to any specific cell from one worksheet to another, what we have to do is- begin with the…

Q: Bramble Corporation has outstanding 400,000 shares of $10 par value common stock. The corporation…

A: The term "stock dividend" refers to a payout made in the form of additional shares to current…

Q: 3-53 4 3-64 P-F:3-35A. Journalizing and posting adjustments to the T-accounts and preparing an…

A: Statement which involves listing of all accounts with their respective balances in one statement…

Q: Determine 2021 taxable income in each of the following instances. Assume that the corporation is a C…

A: Taxable income refers to the base upon which an income tax system imposes tax. In other words, the…

Q: Depreciation is computed by the straight-line method with no salvage value. The compar cost of…

A: NPV denotes the net value of a project, which may be either positive or negative. We calculate…

Q: xercise 12-12A (Algo) Determining cash flows from financing activities LO 12-4 n January 1, Year 1,…

A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…

Q: Arthur owns a tract of undeveloped land with an adjusted basis of $80,000. He sells the land to his…

A: Assets - A corporation has a lot of resources, both financial and non-financial. However, an asset…

Q: St. Germaine Corporation has found that 80% of its sales in any given month are credit sales, while…

A: The cash collection budget refers to the planned inflow of financial funds into the corporation over…

Q: 近 A Question 18-Extra Credit- Chap x Organation goals include Bin O…

A: The company's aim will be increase the profitability. The profitability of the company can be…

Q: Marigold Co. both purchases and constructs various equipment it uses in its operations. The…

A: Purchase costs are the charges that the company records in its books based on the value of its…

Q: Saving Later Plan 2: Invest $350 at the end of each month into an account paying 7.5% compounded…

A: Here, Monthly Payments (P) is $350 Interest Rate is (r) 7.5% Time Period to deposit monthly Amount…

Q: a. Prepare the production budget for Hancock Manufacturing, Inc., for the third quarter of 2016.…

A: The production budget is the budget which is required to be made and prepared so that how many units…

Q: ease help me with section 3 and 4 During 2019 (its first year of operations) and 2020, Fieri Foods…

A: Retained earnings are the portion of the net income of an organization that is not paid out as…

Q: On July 1, 2022., Pharoah Company pays $15.000 to Blossom Company for a 2-year insurance contract.…

A: Insurance expense = Total amount paid x no. of months expired/ Total duration of policy = $15,000 x…

Q: Hadley Ltd. is authorized issue $1,000,000 of 2%, 10-year bonds payable. On December 31, 2021, when…

A: A firm or group may issue bonds payable as a form of long-term debt to raise capital from investors.…

Q: On October 1, 2025, Skysong Nail Bar Company establishes a petty cash fund by issuing a check for…

A: To establish petty cash fund, petty cash is to be debited and cash is credited To replenish the…

Q: You are bearish on Telecom and decide to sell short 100 shares at the current market price of $42…

A: Number of short-sell shares = 100Current market price = $42Initial margin requirement =…

Q: Larkspur Golt Inc. was formed on July 1, 2024, when Matt Magilke purchased the Old Master Golf…

A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…

Q: On December 31, 2024, Sunland Company had 1,360,000 share 2024, stockholders' equity had the amounts…

A: Journal entry represents the initial recording the financial transactions of the company. It…

Q: Required information [The following information applies to the questions displayed below.] A recent…

A: Cash flow statement is the financial statement that records all the cash inflow and cash outflow…

Q: Gary Corporation produces products X, Y, and Z Budgeted data for the next month is as follows:

A: A split-off is a type of corporate reorganization in which a parent company separates a subsidiary…

Question

Practice 6: The following is an analysis of the bills discounted from the books of accounts of a
AM Bank as at 31st December 2017
Bills discounted
6,000,000
50,000
150,000
Rebate on bills discounted (1 January 2017)
Discount Received
Date of bills
Amount RO
Term months
Discounted at % p.a
October 20
1,200,000
12
November 5
1,000,000
4
10
December 5
600,000
2
12
December 20
300,000
10
Required: Calculate the rebate on bills discounted for the above bills.
•Pass the journal entries and
•Show the discount and interest and rebate on bills discounted account in the ledger books of
bank.

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Property, Plant and Equipment

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

1. EX. 14.01.ALGO 2. EX.14.02 3. EX.14.03 4. EX.14.04 5. EX.14.05.BLANKSHEET.AL... 6. EX.14.06.BLANKSHEET.AL... 7. EX.14.07.BLANKSHEET.AL... 8. EX.14.08.BLANKSHEET.AL... 9. EX.14.09.BLANKSHEET.AL... 10. EX.14.11.BLANKSHEET.A... 11. EX.14.14.ALGO 12. PR.14.04.BLANKSHEET.A... 13. PR.14.02.BLANKSHEET.A... C Effect of Financing on Earnings per Share Henriksen Co., which produces and sells biking equipment, is financed as follows: Bonds payable, 10% (issued at face amount) $1,000,000 Preferred $2 stock, $20 par 1,000,000 Common stock, $25 par 1,000,000 Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming that the income before bond interest and income tax is (a) $470,000, (b) $570,000, and (c) $670,000. Enter answers in dollars and cents, rounding to two decimal places. a. Earnings per share on common stock $ b. Earnings per share on common stock $ c. Earnings per share on common stock $ JAN 20 A I 0.28 1.3 W X P
Please answer required 21,22 and working note
Nn.139. Subject :- Account
Nn.21. Subject :- Account
Nn.63. Subject :- Account
Consider the following information on options from the CBOE for Merck: MRK Oct 06, 2006 @ 14:40 ET (Data 20 Minutes Delayed) Calls O O O O O A. 1 B. 0 09 Jan 25.00 (VMK AE-E) 17.10 -0.30 17.30 17.50 21 214 09 Jan 25.00 (VMK ME-E) 0.80 pc 0.60 0.80 0 319 09 Jan 30.00 (VMK AF-E) 13.40 pc 13.20 13.40 0417 09 Jan 30.00 (VMK MF-E) 1.40 +0.20 1.15 1.40 25 63 09 Jan 35.00 (VMK AG-E) 9.20 pc 9.60 10.000 591 09 Jan 35.00 (VMK MG-E) 2.35 pc 2.15 2.35 01173 09 Jan 40.00 (VMK AH-E) 6.50 +0.30 6.50 6.80 2 8422 09 Jan 40.00 (VMK MH-E) 3.80 pc 3.70 3.90 07174 09 Jan 45.00 (VMK AI-E) 4.20 pc 4.20 4.50 06123 09 Jan 45.00 (VMK MI-E) 6.40 09 Jan 50.00 (VMK AJ-E) 2.80 pc 2.35 2.75 04509 09 Jan 50.00 (VMK MJ-E) 9.30 pc 5.90 6.20 0 5513 pc 9.00 9.600 982 How many of the January 2009 call options are in-the-money? C. 2 D. 4 Last Sale E. 3 Net Bid Ask Vol Open Int Bid N/A Ask N/A Puts 41.95 +0.53 Vol 6650300 Size N/A N/A Last Sale Net Bid Ask Vol Open Int
Buenos días Ago/20 1:29
Oo.23. Subject :- Account
Oo.23. Subject:- Account
Please answer the following MCQs and T or Fs from 30 till 34
nine jouranl entries
need sep 20 payment nov 5 dec 31