ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income? Increase by $582 Increase by $2,910 Increase by $600 Increase by $510

ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income? Increase by $582 Increase by $2,910 Increase by $600 Increase by $510

Name: ABC Company accepted a national credit card for a $3,000 purchase. The
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Description: ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income? Increase by $582 Increase by $2,910 I

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 had Sales and Cost of Sales last year of $600 million and $300 million respectively. All sales were on credit terms. If its customers paid their invoices on average at 16 days, what is the company’s average Accounts Receivable balance? (Assume a 365-day year.) a. $26.3 million b. $13.1 million c. $9.4 million d. $18.7 million
. With regard to accounts payable: Explain the rationale of taking a cash discount, such as 4/8, n/30. Assume a purchase of $1,000,000. include computations Additionally, determine the approximate balance of accounts payable, if a company stretches its payables to 40 days and on average, they make purchases of $1,000,000 per day from their vendors.
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1. A company, extends credit to its customers. Total Sales is 2 Million, credit Sales is 850,000, Sales Return is 305,000, with percent of uncollectibility set at 4% What is the journal entry under percentage of net credit sales?
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Vikram
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