* Buying goods for 30,000 dinars and paying its value in cash. This will lead to Increase cash and increase merchandise Decrease in cash and increase in merchandise Increase in cash and decrease in merchandise Shortage of cash and decrease of merchandise O
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- Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000need help with this ASAP, thanks. A sales invoice included the following information: merchandise price, P12,000; transportation, P500; terms 2/10, n/30, FOB shipping point. Assuming that a credit for merchandise returned of P600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?1.A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? $1.200 $2.500 $50 $1.250
- Multiple choice: 1. The measure of how quickly an item can be converted into cash is referred to as A. Leverage B. Solvency C. Liquidity D. Profitablity 2. A customer bought goods from your business, on credit. The customer orally promised to pay the sale price next week. Which of the following accounts is increased and therefore debited? A. Cash B. Accounts Receivable C. Notes Receivable D. SalesHow do I calculate: Sales per day Accounts receivable new policy Freed-up cashA sales invoice include the following information: merchandise price, $12,000: terms 1/10, n/oem;FOB shipping point with prepaid freight of $900, added to tlhe invoice. Assuming that a credit for merchandise returned of $500 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? How do you solve this?
- When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00Which of the following mathematical equations is used to compute the payables deferral period (DPO)? 000 о Payables deferral period (DPO) = Accounts payable/Daily credit purchases Payables deferral period (DPO) = Cost of goods sold/Accounts payables Payables deferral period (DPO) = Daily credit purchases/Accounts payable Payables deferral period (DPO) = Payables turnover 360 Payables deferral period (DPO) = Payables turnover/360Sold merchandise costing $ 10800 for 48000 cash . what is merchandise inventory entry?
- Key Insurance Agency was organized on October 1, 2015. Assume that the a are closed and financial statements prepared each month. The company occupies rented office Max Wayer Meat Packing, Inc.Has recently accepted a donation of land with a fair Packing promises to build a packing plant in Memphis. Recird the entry for Max Wayer's. value of $150,000 from the MemphisIndustrial Development Corp. In return Max Wayer Meat acquisition, October 1. The trial balance for Key Insurance Agency at December 31 is shown space but owns office equipment estimated to have a useful life of 10 years from date of PART II: WORK OUT Problem .1 Key Insurance Agency was organized accounts on October 1, 2015. Assume that the are closed and financial statements prepared each month. The company occupies rented office Space but owns office equipment estimated to have a useful life of I0 years from date of acquisition, October 1. The trial balance for Key Insurance Agency at December 31 is shown below. Cash…Sold goods for cash to K.Kind R387.The price code is 'RKK'. The cost code is 'SPRINGBOCK'(S=1)Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period a. b. Merchandise (gross) $ S C. $ d. $ 7,800 24,200 80.600 17,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment
