2.16) Find the average daily balance (new purchases included)DatesPaymentEnd of DayBalance4/1-4/54/64/7-4/224/234/24-4/30Average$380.00Purchase$110.00PoX$300.00 x$410.00 x$410.00 X$30.00 X$30.00 xTotalNumber ofDaysv51161730Sum ofBalances$1,500.00$410.00$6,560.00$30.00$210.00

By using the amount deposited or payable at the end of each day of the billing period rather than…

Answered: 2.16) Find the average daily balance…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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2.15) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 11/1-11/2 11/3 11/4-11/11 11/12 11/13-11/30 Average $125.00 Purchase $65.00 X Number of Days $145.00 X $210.00 X $210.00 x $85.00 x $85.00 X Total → 2 1 1 18 30 Sum of Balances $290.00 $210.00 $1,680.00 $85.00 $1,530
2.19) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 1/1-1/19 1/20 1/21-1/22 1/23 1/24-1/31 $250.00 Average → Purchase $50.00 X Number of Days $225.00 x $275.00 x $275.00 x $25.00 x $25.00 x Total → 19 1 2 1 8 31 Sum of Balances I If the finance charge is 1.75% of the average daily balance, what is the finance charge is problem 2.19? Finance charge →
14. Find the average daily balance (new purchases included). Dates Payment # of days Sum of Balances Purchase End-of-Day Balance 2/1-2/5 $600 X 5 2/6 $221.00 821.00 2/7-2/14 821.00 8 2/15 $725.00 98.00 1 2/16-2/28 96.00 X 13 TOTAL AVERAGE DAILY BALANCE %24 x ×
explain the image provided the Accounts receivable turn over, days to collect, Inventory turnover,Days to sell, accounts payable turnover,days to pay and give recommendation
Calculate APR by table lookup (to nearest hundredth percent): PurchasePrice DownPayment Number ofmonthly payment Amountfinanced Total Payments $1,800 100 20 $1,700 1900 $ 0
Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
7. Complete the table. Invoice Terms Last Date Last Date Date Net Price Complement Cash Price Date to Take to Pay Paid of Discount Invoice cash-discount rate Аpril 18 April 6 5/15, n/30 $109.82
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
want answer from option
PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,490.00 % 1 1 4 % $ $1,374.98 $300.00 $
9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.
Practice Fill in the correct amounts using the average-daily-balance, new purchases included method. The periodic rate is 1.5 percent. Dates Payment Purchases End-of-Day Balance x Number of Days Sum of Balances 1. 8/05-8/12 $ 466.24 X 8 2. 8/13-8/21 $126.73 592.97 х 9 3. 8/22-9/03 $325.00 267.97 x 13 4. TOTAL DAYS 5. TOTAL AMOUNT 6. What are the average daily balance, the finance charge, and the new balance? 7. Standardized Test Practice Assuming the finance charge is calculated by the average- daily-balance, new purchases included method, what is the new balance? REFERENCE POSTING DATE TRANSACTION DATE 1-27643 11/18 11/17 2-91524 11/21 DESCRIPTION Dept. Store PAYMENT PURCHASES & ADVANCES PAYMENTS & CREDITS $115.46 $75.00 PREVIOUS BILLING PERIOD BALANCE PERIODIC RATE AVERAGE DAILY BALANCE FINANCE CHARGE 11/01-11/31 $142.88 2% PAYMENTS & PURCHASES & NEW CREDITS ADVANCES BALANCE MINIMUM PAYMENT PAYMENT DUE $75.00 $115.46 $25.00 12/22 A. $168.41 B. $3.37 C. $186.71 D. $185.67 Copyright by…

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