A fast food restaurant sells gift cards, which may be redeemed at any time; however, they expire in one year. At the time these gift cards are sold, the account to be credited is called _________. a. accounts payable b. accounts receivable c. interest payable d. sales tax payable e. unearned sales revenye f. wages payable

A fast food restaurant sells gift cards, which may be redeemed at any time; however, they expire in one year. At the time these gift cards are sold, the account to be credited is called _________. a. accounts payable b. accounts receivable c. interest payable d. sales tax payable e. unearned sales revenye f. wages payable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When $5,000 of A/R are deemed uncollectible nine months after the original sale, the company should record which of the following should to write off the accounts using the allowance method (Select all answers that apply)? O Debit to Allowance for Uncollectible Accounts O Credit to Accounts Receivable. O Credit to Allowance for Uncollectible Accounts. O Credit to Accounts Payable O Credit to Bad Debt Expense. O Debit to Accounts Receivable. O Debit to Accounts Payable O Debit to Bad Debt Expense ASUS f4 f5 f6 区 f7 f8 f9 f10 f11 ロ/京团 4 5 6 9. 08 远图 %24
You receive an invoice for $17,400 with terms of 3/15, n/60. The supplier has a policy of allowing a cash discount for partial payments and you pay $8,000 within the discount period. Calculate the amount of credit you will receive for this payment.
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Retailers that accept credit cards pay a “swipe fee” to credit-card issuers such as Visa and Mastercard ranging from 1 to 3 percent of the purchase. The credit-card companies prohibited retailers from passing that fee on to consumers, but a recent lawsuit settlement proposal lifted that restriction. Under the settlement, retailerscan charge 2.5 to 3 percent on each transaction. Discuss this issue and develop a report on the pros and cons of retailers adding a surcharge to credit purchases.
When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subject to an additional 6% sales tax. When Lowes records the transaction, what amount is recorded into the revenue account? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f5 f6 f7 f8 团 f9 f10 f11 %24 4 5 7 8 T. Y G H. J K. B 因 6 151 F. 图 R
The local bank is currently offering a new investment product, where deposits earn interest according to the following scheme: A ● An interest rate of r is applied on the 15th day of each month. ● A bonus interest rate of t is applied on the 30th day of every odd month. (These are the months of January, March, May, July, September, and November.) 1. Suppose that you want to deposit an amount of I dollars into the account twice: on January 1 and August 1 in 2023. If you want the value of your investment to be S by April 30, 2024, express in terms of S, r, and t. (Note that r and t are not APRs.) 2. What is the effective annual rate of the above compounding scheme?
PLEASE ANSWER IT ALL AND I WILL RATE AS HELPFUL. THANK YOU! Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period? Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years.…
PLEASE TYPE IT AND NOT HANDWRITTEN A credit card has a balance of P129,776.71 on March 1. The credit card holder paid P10,000 on March 15. He made a purchase of P8,862.54 on March 16 and did not use the credit card until the end of the month. The monthly interest rate is 3.50% on purchases and 3.50% on cash advances. How much is the minimum amount to pay at the end of March?
Retailers that accept credit cards pay a “swipe fee” to credit-card issuers such as Visa and Mastercard ranging from 1 to 3 percent of the purchase. The credit-card companies prohibited retailers from passing that fee on to consumers, but a recent lawsuit settlement proposal lifted that restriction. Under the settlement, retailers can charge 2.5 to 3 percent on each transaction. Discuss this issue and develop a report on the pros and cons of retailers adding a surcharge to credit purchases. (AACSB: Written and Oral Communication; Reflective Thinking)
TYPEWRITTEN ONLY PLEASE FOR UPVOTE. DOWNVOTE FOR HANDWRITTEN. DO NOT ANSWER IF YOU ALREADY ANSWERED THIS. I'LL DOWNVOTE.
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