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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Hel Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Baker's Financial Planners purchased nine new computers for $910 each. It received a 20% discount because it purchased more than four and an additional 5% discount because it took immediate delivery. Terms of payment were 5/10, n/30. Baker's pays the bill within the cash discount period. How much should the check be? (Do not round intermediate calculations. Round your final answer to the nearest cent.) Amount $ 5835.38 8 10 of 10
K1. 15) FIGURE OUT THE NEW STATEMENT BALANCE. You have a credit card that charges 18.99% on any outstanding balances, and 25% on cash advances, plus a fee of 3% of the amount of the cash advance. The closing date on the credit card is the 1st of each month. Last month you left a balance of $1800 on your credit card. This month you took out a cash advance of $450 and made $1600 in additional purchases. You made a payment of $950. What will the total of your new balance be on your next credit card statement, considering finance charges?
Subject: accounting
Simmons Corporation can borrow from its bank at 21 percent to take a cash discount. The terms of the cash discount are 2.5/14, net 50. Compute the cost of not taking the cash discount. Note: Use a 360-day year. Do not round intermediate calculations. Input your final answer as a percent rounded to 2 decimal places.
What would be the net annual cost of thefollowing checking accounts? a. Monthly fee, $3.75; processing fee, 25cents per check; checks written, anaverage of 14 a month. b. Interest earnings of 4 percent with a$500 minimum balance; average monthlybalance, $600; monthly service charge of$15 for falling below the minimumbalance, which occurs three times a year(no interest earned in these months).
Seis
As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid monthly. To carry receivables, you must borrow funds from your bank at a nominal 10%, monthly compounding. To offset your overhead, you want to charge your customers an EAR (or EFF%) that is 3% more than the bank is charging you. What APR rate should you charge your customers? Do not round intermediate calculations. Round your answer to two decimal places. %
Jami's Home Repair borrows $6,000, at 13.75% interest, for 330 days. Use the exact interest method to find the amount of interest that the bank will collect. (Round to the nearest cent.) Ⓒ$600.00 Ⓒ$640.00 $745.89 Ⓒ$8,200.00
please quickluy , thanks 27. Caterpillar purchased merchandise from Alpha echnologies as follows: Invoice date: March 12th Invoice Amount: $4,000 Terms: 2/10, n/30 If we assume an annual interest rage of 6% and a 360-day year. And Caterpillar has to borrow money for the remaining 20 days of the credit period. How much are the savings from taking the discount? A.19.6 B.66.93 C.13.07 D.6.67
Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: a. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month. b. Annual interest of 1.5% paid if balance exceeds $750, $8 monthly fee if account falls between minimum balance, average monthly balance $815, account falls below $750 durng 4 months.
Maris Bank has analyzed the accounts receivable of Anthony Software, Inc. The bank has chosen eight accounts totaling $134,000 that it will accept as collateral. The bank’s terms include a lending rate set at prime 3% and a 2% commission charge. The prime rate currently is 8.5%. Show Solutions and Explanation. A. The bank will adjust the accounts by 10% for returns and allowances. It then will lend up to 85% of the adjusted acceptable collateral. What is the maximum amount that the bank will lend to Anthony Software? (Format: 111,111) B. What is Anthony Software’s effective annual rate of interest if it borrows $100,000 for 12 months? (Note: Assume a 365-day year and a prime rate that remains at 8.5% during the life of the loan.) (Format: 11.1%)
Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing losses on its bilge pump product line for several years. The most recent quarterly contribution format income statement for the bilge pump product line follows: Thalassines Kataskeves, S.A.Income Statement—Bilge PumpFor the Quarter Ended March 31 Sales $ 430,000 Variable expenses: Variable manufacturing expenses $ 123,000 Sales commissions 46,000 Shipping 22,000 Total variable expenses 191,000 Contribution margin 239,000 Fixed expenses: Advertising (for the bilge pump product line) 20,000 Depreciation of equipment (no resale value) 117,000 General factory overhead 48,000 * Salary of product-line manager 125,000 Insurance on inventories 10,000 Purchasing department 54,000 † Total fixed expenses 374,000 Net…

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