PracticeDateDec.12TransactionsSold on credit to Rahman 20 Water Heaters @ OMR 10 each10 Electric Kettles @ OMR 4 eachTrade discount 5%.Dec. 18Sold on credit to Rashid10 Toasters @ OMR 5 each20 Water heaters @ OMR 12 eachTrade discount 10%.Dec. 25Sold on credit to Rahma25 Electric Irons @ OMR 4 eachTrade discount 5%

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: 10 each

Business

Accounting

10 each

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: Convert the decimal or whole number to a percent. 3 1.15- 8 %

A: Percent means per 100 Simply the Number = 1.15*8+3/8 = 12.20/8 = 1.525 Other way to calculate…

Q: Question 9. Repaid a 6-month note (face value, $50,000) and interest on the note ($2,500). Note…

A: A note payable seems to be a promissory note that has been drafted. A borrower borrows a particular…

Q: Mundes Corporation uses the weighted-average method in its process costing system. The beginning…

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

Q: 20. What is the intrinsic value and the time value of the call if ABC is trading at 43 and the ABC…

A: Value of option = Intrinsic value + Time value of option Intrinsic value of call option = Maximum of…

Q: 1:57:22 REMAINING O Question 3 of 100 The following data is the planned rates by type of room: Room…

A: Total prices of all the rooms = (40*$70) + (100*$100) = $12,800 Total number of rooms = 40 + 100 =…

Q: 155%is what percent of 480 to one decimal place

A: Formula is (155/480)*100

Q: am. 121.

A: Before we start with the calculations, let's understand the terms. The nominal value of a bond is…

Q: Michael is planning for his retirement this year. One option that has been presented to him is the…

A: Present value is an estimate of the present value of future cash values that may be received at a…

Q: 7G 7G 6G 5G 6G 4G 3G 2G G + 1 2 4 6. 7 8 EOY i = 15%/yr. Po + co 5 3.

A: The Present Value of a cash stream: The equivalent current value of a sum of money to be received…

Q: How many mm are in 3.20 cm? O 3.20 x 103 mm O 3.20 x 102 mm O3.20 x 10¹ mm O3.20 x 10-2² mm O 3.20 x…

A: In this question, we are required to determine the number of mm in 3.20 cm.

Q: Zor the Cagsh Flow showon, the value of A Cachen 1-15, és. 10000 A 2 A $ 1633.9 26 23.9 erelolo 16…

A: The present value analysis refers to the analysis of cash flows. The cash flows can be inflows and…

Q: Retained earnings Total liabilities and stockholders' equity The difference between cash receipts…

A: Introduction:- Expected cash receipts are sum of cash collection that is expected to getting in the…

Q: Given 8 = 0.05, find the present value of payments of 200 made at times 6, 9, ..., 21 (use a decimal…

A: Present value is the equivalent value of the future cash flows that are to be recieved in the future…

Q: 10. The interest on a 30- a. $41.25 b. $38.96. c. $40.68 d. $42.63

A: Time = 30 Days = 1 month Amount = $5,500 Interest arte = 8.5%

Q: Find the simple interest on a $3,500 principal deposited for four years at 2.45% A. $2,143.75 B.…

A: Simple Interest = Principal * Interest rate * Time period

Q: A = 60, L = 45 Case 1: OE=12 Case 2: OE= 17 For each case do 4 questions: 1. Do we adjust A or L or…

Q: 2 ABC Ce Fasn tincomepr S15 E$150.000. The ne pretit margmta erer the compan

A: Net Profit Margin = Net Income /Sales Net Income =$15000 Sales =150000

Q: PV = $15,000; I = 11% ; N = 25. Solve for FV. Group of answer choices 298,123.00 203,781.00…

A: Future Value (FV) is the value of value of PV after the adding the interest over a period of time.…

Q: D-If the Standard time ( 13.5) hours, Actual time ( 12.5) hour Rate per hour ( 7250)$. Actual *…

A: Solution:- Introduction:- Basic information as follows:- Actual hours 12.5 per hour Rate per hour…

Q: N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1.0000 0.97087 1.0300 1.00000 1.06090…

A: Given Information : Deposit amount - $190,000 Period - 2 year Interest rate - 12% compounded…

Q: 24. Interest charged on a $100,000, 9%, 180-day note payable would a. $9,000. b. $4,500. c. $2,250.…

A: Note payable also called promissory note. It is a legal instrument in which one party promises in…

Q: 46% KB/s Done 29 Saint John Corporation provided you with the following statements of Financial…

A: The questions are multiple choice questions Required Choose the Correct Option.

Q: None

A: Step 1:The price of each bond would be computed using the formula given below:Discount rate =…

Q: the effective cost of credit in the following case: 2,

A: Companies give discount for early payment of bills but there is a loss of credit period and that…

Q: Q.3.5 Complete the following table by calculating the missing amounts (indicated as A- E). Round to…

A: Amount Excluding VAT VAT Amount Amount Including VAT R1304.04 R1499.65 - R1304.04 = R195.61…

Q: After a 15% discount on an invoice, the invoice amount has decreased to 170 TL. In this case, what…

A: Let x be the main value x = 170 + (15%*x)

Q: F i n d t h e m o n t h l y m o r t g a g e p a y m e n t s o n t h e f o l l o w i n…

A: The concept of time value of money will be used here. When we take a loan or a mortgage we have to…

Q: I $1216 P $7600 r 4% t years

A: Simple interest is the interest earned on a principal balance for a period of time at a specified…

Q: What is i with the given, G = $7,500, P= $254,110, and n=10? Select one:

A: G is gradient, PV is present value, i is interest rate and n is time period

Q: FV(Semi.) = $100(1.06)10 = $

A: We need to use future value formula to calculate future value of money invested today. FV=PV(1+i)n…

Q: The VAT amount (charged at 15%) included in R 684, amounts to: OA. R684 OB. R600 OC. R102.60 OD.…

A: Answer:- VAT meaning:- A value-added tax (VAT), is a sort of incremental tax. It is basically…

Q: 10. If long-term liabilities are P300,000 and total assets are P2,100,000, what percentáge of tötal…

A: Long term liabilities as a percentage of total assets = Long term liabilities / Total assets

Q: Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts…

A: Current liabilities: Amounts due to be paid within one year or within one operating cycle, whichever…

Q: Differentiate a “deposit" and a “deposit substitute"?

A: Deposit is the amount of customer money which is held by bank or other institution. Deposit…

Q: 6. Discount Factor (5%) Year 0 -450,000 1.00 Year 1 150,000 0.952 Year 2 180,000 0.907 Year 3…

A: Note: As per the policy we are supposed to solve one question at a time. Kindly repost the further…

Q: Ending inventory is calculated by multiplying the number of units on hand by the unit cost. O True O…

A: Since you have posted two different questions, we will do the first one for you. Please post the…

Q: Q#1 - The accrued interest is $ ……………………………………. . Q#2 - The total invoice price is $…

A: Bonds are kind of debt and long term sources of finance for the company and it is very cheap as…

Q: am. 176.

A: Step 1NPV = Sum of Present Value of Cash Flows.IRR = Rate at which NPV of a project is zero. a-1)…

Q: Complete the following table by computing the missing amounts for the following independent cases.…

A: Interest earned is calculated by multiplying the principal amount with the rate of interest and…

Q: I f y o u p u t ₱ 5 0 ,0 0 0 . 0 0 i n a s a v i n g s a c c o u n t t h a t p a y s…

A: The future value (FV) of an annuity is the total value of a series of periodic payments or deposits,…

Q: Question: 1$ = 18.70 TL 1 month later 1$=21.10 TL A $ = 2 4 TL = ?

A: Concept. Foreign exchange rates provides information regarding price of one currency in terms of…

Q: 1. 2. 3. 5. Present Value ? $36,289 15,884 46,651 15,376 -uture Value $ 40,000 65,000 40,000 100,000…

A: Time value of money :— According to this concept, value of money in present day is greater than the…

Q: I f y o u p u t P 5 0 , 0 0 0 . 0 0 i n a s a v i n g s a c c o u n t t h a t p a…

A: We need to use future value formula to calculate value after 5 year FVn = PV*(1 + r)n FVn = Future…

Q: 18 - .......... expressing how many of those equal parts we take by dividing a whole into one…

A: Percent means every part out of 100 items.

Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

Practice
Date
Dec.12
Transactions
Sold on credit to Rahman 20 Water Heaters @ OMR 10 each
10 Electric Kettles @ OMR 4 each
Trade discount 5%.
Dec. 18
Sold on credit to Rashid
10 Toasters @ OMR 5 each
20 Water heaters @ OMR 12 each
Trade discount 10%.
Dec. 25
Sold on credit to Rahma
25 Electric Irons @ OMR 4 each
Trade discount 5%

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 by step

Solved in 4 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

Q12
|- Chapter 5 Saved Help N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1.03000 0.97087 2 1.06090 0.94260 1.0000 0.97087 1.0300 00000 2.0300 1.91347 2.0909 1.97087 3 1.09273 0.91514 4 1.12551 0.88849 5 1.15927 0.86261 3.0909 2.82861 3.1836 2.91347 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6 1.19405 0.83748 6.4684 5.41719 6.6625 5.57971 6.41719 71.22987 0.81309 8 1.26677 0.78941 9 1.30477 0.76642 | 10.1591 7.6625 6.23028 7.8923 8.8923 7.01969 9.1591 7.23028 7.78611 10.4639 8.01969 10 1.34392 0.74409 11.4639 8.53020 11.8078 8.78611 9.53020 11 |1.38423 0.72242 12 1.42576 0.70138 | 14.1920 13 1.46853 0.68095| 15.6178 10.63496 12.8078 9.25262 13.1920 9.95400 14.6178 10.25262 16.0863 |10.95400 17.5989 11.63496 14 4.51259 0.66112 17.0863 11.29607 15 1.55797 0.64186 19.1569 |12.29607 20.7616 12.93794 18.5989 11.93794 16 1.60471 0.62317| 20.1569 |12.56110 Today. Thomas deposited $190,000 in a 2-year, 12% CD that compounds quarterly. What is the maturity value of the CD?
Hw 2
D Question 32 Given an ROE of 17.8%, EM of 2.6, Sales of $1.8M, TAT of 2.1, find Net Income. O $75,282 O $58,680 O $67,390 O $88,020 2.5
For the following set of cash flows, Year Cash Flow -$ 7,300 3,400 3,900 3,900 a. What is the NPV at a discount rate of 0 percent? 1 01N3 NA VE 2 NPV 11 KIMU7 < Prev 4
2. Compute for the present value 150 100 50 i= 10%
Hambelton Ltd. issued $5,000,000 of 5% bonds payable on 1 September 20X9 to yield 4%. Interest on the bonds is paid semi-annually and is payable each 28 February and 31 August. The bonds were dated 1 March 20X8, and had an original term of five years. The accounting period ends on 31 December. The effective-interest method is used. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price at which the bonds were issued. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Price of Bond 2. Prepare a bond amortization table for the life of the bond. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "O" wherever required.) Interest Interest Premium Unamortized Net Bond Date Payment Expense…
i 1:50 O O *UN 40 80% 5 The company dseouteda P10.000, 0 ay, 6 ne on November 15, 2019, Orgnal entry Adisting ertry PHACTICAL EXERCISE testruction: Lung the ecerse mettod tis tare, p te ongral entry ot the tregoing ransations and the neonsary adjuing ery at the end of the acrting pered. Der. 31,201a Protiem Tha trai talance ot the Mabils Fapar Shop appean below at the and f in calondar penad MABLIS REPAR SHOP Trial Balance Decenter 31, 2019 Cash an tand Accounta Recevable Estnand Uncotectbie Accourta 10.000 25.000 P. 1.000 30.000 750 Ns Receivatie Shop Equohert Actumuuted Depreciafen-Shep Egipmert Furte and Fature Acrumuuted Deorsaton-Fuinture ard Fatue Accourts Poyable tows Payable Lenes Capits Leynes, Driwing Service ncome Salares Expanse Rant Expense Suopies Erper Tann and Liman Ligt and Water Expenua 2000 .000 5.000 11.000 12.000 44.750 1.000 30 D00 8000 4000 1.500 1000 105.500 105.S00 A4ssoral ielomation 1. Urpad taxes P600 2 Acorued satarien P1000 1 Acortued interst on netes…
P. php1,000.00 R. 10% T. 3yrs I.? F.?
A company that was to be liquidated had the following liabilities: Income Taxes Notes Payable secured by land Accounts Payable $ 15,000 120,000 48,000 Salaries Payable ($18,000 for Employee #1 and $5,000 for Employee #2) Administrative expenses for liquidation The company had the following assets: 23,000 Current Assets Land Building Saved 25,000 Book Fair Value Value $130,000 $115,000 60,000 100,000 175,000 220,000 Total liabilities with priority are calculated to be what amount? Multiple Choice О $106,650. $38,000.
0 O ".| 20,ll (14) 4:49 AM CamScanner 04-2... goment, If fter inferst pog 20,a00 Land if in have ST yate jears is 구% much he bank How to so that 20,000 with i5 years? enfplain help g formule? in he Scanned with Camscannes