Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,400 list price. Bally dated the invoice August 06 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 19. What does Intel pay Bally? Payable amount

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,400 list price. Bally dated the invoice August 06 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 19. What does Intel pay Bally? Payable amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Giorgio Italian Market bought $5,000 worth of merchandise from Food Suppliers and signed a 90-day, 10% promissory note for the $5,000. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.)
Novak Corp. offers its customers a 5-piece knife set in exchange for $9 and the purchase of its CC Cookware set. The company purchased 2,850 units of the 5-piece knife sets at $15 each. It estimates that 70% of customers will participate in the promotion and that 5% of the amount received from customers relates to the awarded premiums. In 2024, the company sold 4,020 cookware sets at a sales price of $116 resulting in sales revenue of $466,320. By the end of the year, 2,330 customers took advantage of the promotion. Prepare the appropriate journal entries assuming Novak follows IFRS and uses the revenue approach. Ignore any cost of goods sold entry. (Do not round intermediate calculations. Round answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account…
Levin Furniture buys a living room set with a $4,200 list price and a 40% trade discount. Freight (FOB shipping point) of $35 is not part of the list price. What is the delivered price (including freight) of the living room set, assuming a cash discount of 5/10, n/30, ROG? The invoice had an April 8 date. Levin received the goods on April 19 and paid the invoice on April 25. Delivered Price
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 54 televisions at a cost of $148 each. Century received a 15/3/3 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $99 freight. Terms were 410 EOM. When Century received the goods, 4 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $265 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Do not round intermediate calculations. Round your answer to the nearest cent.
ROSE Corporation has a premiums payable balance of P242,000 on December 31, 2019 for a promotional program the company has started in 2019. For every 5 product labels the customer surrenders plus P50, the customer receives a specially designed wall clock which the company purchases at a cost P160/unit. Details about the said promotional program in 2019 and 2020 are as follows: 2019 2020 Sales in units 50,000 60,000 Premiums purchased in units 3,000 6,000 Inventory of premiums at the end of the year 1,200 2,100 ROSE estimates that from the labels issued with products sold, 40% shall be presented for the said promotional plan redemption.1) What is the correct premiums payable as of December 31, 2020? 2) What is the correct premiums expense as of December 31, 2020? 3)What is the correct premiums inventory as of December 31, 2020?
On August 5, 2021, Cullumber Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $470 each. The cost of shipping the dining sets amounted to $4800 and was paid for by Cullumber Furniture. On December 30, 2021, the consignee reported the sale of 40 dining sets at $970 each. The consignee remitted payment for the amount due after deducting a 5% commission, advertising expense of $720, and installation and setup costs of $900. The amount cash received by Cullumber furniture is OOOO $36140. $38800. $35240. $36860.
Bulldog Inc. recently made a $75,000 purchase from a vendor. The vendor will accept payment by check or ACH. In either case, the vendor offers net trade credit terms of 30 days. The assistant treasurer of Bulldog Inc. notes that payment by check will provide an additional 3 days of float (beyond the 30 days of trade credit), relative to payment by ACH (assume an additional one day of float beyond the trade credit period). In an effort to encourage Bulldog Inc. to pay via ACH, the vendor has offered a 0.50% discount for ACH payments. Assuming a discount rate of 5%, which disbursement approach should Bulldog Inc. use? Ignore the transactions cost associated with the check and ACH entry.
Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $536) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory To record cost of goods sold) Cash Accounts Receivable Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory. To record cost of goods sold) Cash Accounts Receivable Sales Discounts Forfeited Debit Credit
A company buys and sells physical goods to individuals and other companies. March 4 orders the company 50 products from a subcontractor. The invoice arrives on March 10 and is onSEK 50,000 without VAT (25%) and the payment terms are 30 days net.The company places a 100% mark-up on the net purchase price when the sales price is determined. The last April, 40 of the products are sold. In connection with the above-mentioned event, the company's a) How big is the company's cost in connection with the above mentioned event? b) How large is the company's revenue in connection with the above-mentioned event?
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,800 list price. Bally dated the invoice August 01 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 14. What does Intel pay Bally? Payable amount
J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59 televisions at a cost of $125 each. Century received a 12/2/5 chain discount. Shipping terms were FOB shipping point. ACME paid the $119 freight. Terms were 3/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $ 250 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Round your intermediate calculations and final answers to the nearest cent.