toring Enabled: Chapter 4 The Art of Modellin. 6HelpSave & ExitSavedA student prepared the following spreadsheet model to calculate the final price of clothing items which are sold at a discount To becomplete, the student included a calculation of sales tax in the final price, given the original price (130), discount (0.21), and sales taxrate (0.06) shown below.A1.2 Original Price3 Discount (%)4 Discount ($)5 Net Price6 Sales Tax(%)7 Sales Tax($)1300.21= B2 x B3= B2 B40.06ROUND (B5 X B6, 2)= ROUND (B5 + B7,2)8Final PriceDetermine what values the spreadsheet should display. (Round your answer to 2 decimal places.)CellValueB4 (Discount in dollars)B5 (Net Price)B7 (Sales tax in dollars)B8 (Final Price)< Prev2 of 5Next >aw

Solution: B4 (Discount in dollars) = Original price * discount % = 130*0.21 = 27.30 B5 (Net Price)…

Answered: A student prepared the following…

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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A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what is the net cost of the merchandise?
Find the marked price and sales tax. Total price Sales tax rate Marked price $403.61 5.9% Sales tax rate Marked price 5.9% Total price $403.61 (Round to the nearest cent.) Sales tax Sales tax $
G. The following information pertains to the Leopoldo Valdez School Chairs: P 172,000 1,200,000 1,900,000 4,300,000 129,000 215,000 Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases Purchase Returns and Allowances Purchase Discounts Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.
Only the 4c photo question. Thanks!
a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. a1. Account Titles Record the cost of the sale. a2. Debit Credit Account Titles Debit Credit b. Received check from Brown Co., $300, less 3% discount. (Assume $300 was the gross amount of the sale.) Account Titles Debit Credit b. c. Cash sales, $104. The cost of merchandise was $59. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Account Titles Debit Credit c1. Record the cost of the sale. Transactions a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. b. Received check from Brown Co., $300, less 3% discount. c. Cash sales, $104. The cost of merchandise was $59. d. Issued credit memorandum no. 2 to Troy Co. for defective…
a) Briefly explain the meaning of cash discount. b) A retailer sold a product to customer for RO 700 and the rate of value added tax (VAT) is 5%. If the retailer pays a VAT of RO 15 to the government, i) Find the Input VAT for the retailer. ií) How much customer paid to retailer including VAT?
Question is on the photo. Thanks!
I only need the 5b photo question. #2 prepare a single income statement and the analysis component. Thanks!
Please do not give solution in image format ?.
2. Sales slip for Judy Henry. Blender for $109.50. Canister set for $39.95. Sales tax rate of 4.5%. What is the total purchase price?
A computer lists for $ 600. 1. Find the trade discount if a discount rate of $ 10 is offered. 2. Find the net price. 3. Find the net price rate. 4. Use the net price rate to recalculate the net price.
1. What was the trade discount rate if merchandise with a list price of $14,200 was sold at a net price of $9,940? 2. Find the amount of income tax withheld from Sun Jung's monthly paycheck of $8,612.50 using the percentage method tables in Exhibits 9-1 and 9-2 from your text. Sun Jung is single and claims 2 withholding allowances. A) $1,156.36 B) $1,279.24 C) $1605.86 D) $1,754.27 3. Vivian's Linens purchases towels with an invoice price of $22,700, and terms of sale of 4/10, n/30. What is the net amount due on the order if a partial payment of $10,300 is made on the 10th day? A) $11,970.83 B) $12,365.47 C) $10,155.00 D) $11,988.00 4. What was the trade discount rate if merchandise with a list price of $85,100 was sold at a net price of $63,825? 5. Cross receives a monthly paycheck from a bakery plant of $3,500.30. She is married and is entitled to 3 withholding allowances. How much is her taxable income? Use the percentage method tables in Exhibits 9-1 and 9-2 from your text.…

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