Baker's Financial Planners purchased nine new computers for $910 each. It received a 20% discount because it purchased more thanfour and an additional 5% discount because it took immediate delivery. Terms of payment were 5/10, n/30. Baker's pays the bill withinthe cash discount period. How much should the check be? (Do not round intermediate calculations. Round your final answer to thenearest cent.)Amount$4es< PrevNext>10 of 10hp

Solution: When purchases are made there can be trade discounts and cash discounts. Firstly trade…

Answered: aker's Financial Planners purchased…

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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Marriott Hotels purchased ten iRobot Roomba i7+ for $945 each. It received a 15% discount for buying more than two and an additional 3% discount for immediate delivery. Terms of payment were 4/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for? Note: Do not round intermediate calculations. Round your final answer to the nearest cent. X Answer is complete but not entirely correct. $ 7,402.70 X Amount
Marriott Hotels purchased ten iRobot Roomba i7+ for $945 each. It received a 15% discount for buying more than two and an additional 3% discount for immediate delivery. Terms of payment were 4/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for? Note: Do not round intermediate calculations. Round your final answer to the nearest cent. Answer is complete but not entirely correct. Amount $ 7,479.90
What would be the net annual cost of the following checking accounts? (a) Monthly fee, $2.80; processing fee, $0.35 cents per check; checks written, an average of 23 a month. (Do not round intermediate calculations. Input the answer as a positive value. Round your answer to 2 decimal places.) Net annual cost (b) Interest earnings of 7 percent with a $500 minimum balance; average monthly balance, $700; monthly service charge of $16 for falling below the minimum balance, which occurs three times a year (no interest earned in these months). (Do not round intermediate calculations. Input the answer as a positive value. Round your answer to 2 decimal places.) Net annual cost
PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:
The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the customer, payabl years. A 4% interest is due from the customer every December 31st. The customer's borrowing rate is 6%. The i revenue to be recorded on the note receivable at the end of the first year is (ignore decimals in your calculations Select one: a. $19,309 Ob. $12,872 c. $13,600 X d. $22,808
Determine the annual net cost of these checking accounts. A "-" sign must precede any negative net cost answers. Round your intermediate calculations to two decimal places. Monthly fee $4, check-processing fee of 15 cents, average of 11 checks written per month. Round the answer to the nearest cent. $ Annual interest of 3.5 percent paid if balance exceeds $800, $8 monthly fee if account falls below minimum balance, average monthly balance $850, account falls below $800 during 4 months. Round the answer to the nearest cent.
invoice had the terms of 5/15, n/45. The order amounted to $215,000. Coming Up Roses can borrow money from the local bank at 8½% ordinary interests. How much can Coming Up Roses save by borrowing the funds for 30 days to take advantage of the cash discount?
You have a credit card with an APR of 22.8%. You begin with a balance of $1000, in response to which you make a payment of $250. The first month you make charges amounting to $500. You make a payment of $250 to reduce the new balance, and the second month you charge $600. Complete the following table. (Round your answers to the nearest cent.) Previous Finance New Payments Purchases balance charge balance Month 1 $1000 %24 Month 2 $
What is would be the net annual cost of the following account? a. Montly fee,$3.75, processing fee,25 cents per check; checks written,an average of 14 month.( input the amount as a positive value)
Marriott Hotels purchased seven iRobot Roomba i7+ for $970 each. It received a 15% discount for buying more than three and an additional 4% discount for immediate delivery. Terms of payment were 2/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for?
You have a credit card with an APR of 22.8%. You begin with a balance of $1500, in response to which you make a payment of $250. The first month you make charges amounting to $550. You make a payment of $250 to reduce the new balance, and the second month you charge $650. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $1500 $ $ $ $ Month 2 $ $ $ $ $
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle Previous balance 9/16 Billing date Payment Charge: Home Depot Payment Cash advance $ 1,400 9/19 54 cr. 9/30 10/3 10/7 1,200 54 cr. 64 Finance charge is 1.25% on average daily balance. Average daily balance Finance charge %24

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