Provide answer this general accounting question Apple Inc. sold the following items during the month of April2021 and made the sales invoice in Excel as follows-5 Desktop Computer for $2500 each5 Tabs for $1500 each10 laptops for $3500 eachIf the VAT is 5%, what will be the:a) Subtotal before VATb) VAT Amountc) Total Sales value after adding 5% VAT.

Step 1: Define VATVAT known as value-added tax is a type of indirect tax levied on goods and…

Answered: Apple Inc. sold the following items…

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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Westmore Products has projected the following quarterly sales. The accounts receivable at the beginning of the year is $425 and the collection period is 45 days What are collections for the first quarter? Sales Q1 $ 700 Multiple Choice $350.00 $658 33 $736 67 $700.00 02 $ 755 Q3 $ 840 Help Save & Exit 04 $ 1,130 Sub
Speedy Printers has the following data for its Sales and Expenses:Sales: January $50,000, February $30,000, March $60,000, April $40,000Terms given to customers are: 1/10 net 30. 20% will pay in the month of sale and take the discount, 70% will pay in the month following and do not get the discount, 10% will pay in the second month following and do not get the discount. Purchases cost 60% of Sales and are paid in the next month following purchase.Other cash expenses are: Salary $2,000 and Rent $4,000 each monthDetermine the Net Cash Gain or Loss for the month of March only.
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales. March $ 12,000 June $ 14,000 April 16,000 July 17,000 May 10,000 August 18,000 Sales in January and February were $13, 500 and $13,000 respectively. Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Ed's Waterbeds Cash Receipts Schedule January February March April May June July August Sales $ $ $ $ $ $ $ $ Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Total cash receipts $ $ $ $ $$b. Of the sales expected to be made during the six months from March to August, how much will still be uncollected at the end of August? How much of this is expected to be collected later? Amount…
A merchandiser plans to sell 12,100 units next month at a selling price of $110 per unit. It also gathered the following cost estimates for next month: Cost Cost of goods sold Advertising expense Depreciation expense Shipping expense Administrative salaries Sales commissions Insurance expense Cost Formula $60 per unit sold. $150,000 per month $70,000 per month. $100,000 per month +$10 per unit sold $50,000 per month. 5% of sales $15,000 per month What is the estimated total contribution margin for next month?
please explain how you got your figures
Hh1.
Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales? (Round your answer to the nearest cent.) Actual Sales
Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 35% Percent paid in the month after the sale 54% Percent paid in the second month after the sale 6% Alpha provided information on sales as follows: Мay $150,000 June $125,000 July $136,000 August (expected) $142,000 How much of May's sales are expected to be uncollectible?

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