A buyer received an invoice for P 60,000, inclusive of 12% VAT dated October 2. If the terms are 2/10, n/45 and the buyer paid the invoice within the discount period, what amount will the seller receive?
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- On September 1, 2021, Daylight Donuts signed a $110,000, 10%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $5,500. $3,667. $1,833. $0.ABC Company sold 10 units of goods with a unit list price of P2,000 on January 1, 2020. Given that the trade discount is 5% and the cash discount is 10%, and that the cash discount period is 10 days and the credit period is 30 days, if the customer settles the debt on January 11, 2020, what is the actual payments he needs to payYou sign a simple discount promissory note for $7,000 at a discount rate of 3%, for 36 months.
- An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.a 6 month non-interest-bearing note was issued on March 31, 2019 for $3300 was discounted at 8.25% on july 31,2019. what were the proceeds of the note?Assume that a wholesale trader who purchased 200 kg of halwa on 1st day of November 2020 and made the final payment on 10th day of November 2020. What will be the amount payable by the wholesale trader to Mr. Salim Abdullah on 10th day of November 2020?
- Rotel purchased merchandise from TechCom on October 17, 2019. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2020 when the note is honoured? Multiple Choice Cash 4918.36 Interest Earned 19.73 Interest Receivable 98.63 Notes Receivable 4,800 Cash 4918.36 Interest Earned 98.63 Interest Receivable 19.73 Notes Receivable 4,800 Cash 4918.36 Notes Receivable 4918.36 Cash 4918.36 Interest Earned 118.36 Accounts Receivable 4,800 Cash 4918.36 Interest Earned 118.36 Notes Receivable 4,800 The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promissory note for the $5,000. TechCom's journal entry to record the transaction is Multiple Choice Notes Receivable 5,125 Sales 5,125 Accounts…American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 7.00%, with interest paid monthly, what is the card's EFF%?Prepare a journal entry under a perpetual inventory system. Purchased a motorcycle for deliveries amounting P75,000 on credit, the agreement calls for a 10% down payment and a monthly payment of P1500 plus a P100 interest per month.
- Grouper Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $550,100 (cost of $510,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,100. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Grouper for the full sales price. (a)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Grouper Company on January 2, 2020, and the payment on January 28, 2020. Assume that Grouper Company records the January 2, 2020, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) (b)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Grouper Company on January 2, 2020, and the payment on January 28,…Beverly Place received a three-year, non-interest-bearing trade note for P50,000 on January 1, 2021. The current interest rate at that time was 15% for similar notes. Beverly recorded the receipt of the note as follows: Dr. Notes Receivable – 50,000, Cr. Sales – 50,000. What is the effect of this accounting for the note receivable on Beverly Place’s profit for the years 2021, 2022, and 2023 and its retained earnings at the end at the end of 2023, respectively? A.) Overstate, overstate, understate, no effect B.) Overstate, understate, understate, no effect C.) Overstate, understate, understate, understate D.) No effect on any of theseRiverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $630,700 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,700. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Riverbed for the full sales price. (a)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Choose date Jan 2 or Jan 28…