Fairview Clinic buys $500,000 in medical supplies each year (at gross prices) from its major supplier, Consolidated Supplies, which offers the clinic terms of 5/10, net 30. What is Fairview Clinic's costly trade credit? A. $13,194 B. $39,583 C. $32,986 D. $26,389 E. $22,431
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What is Fairview clinic's costly trade credit?
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- What is fairview clinics costly trade credit?Fairview Clinic buys $620,000 in medical supplies each year (at gross prices) from its major supplier, Consolidated Supplies, which offers the clinic terms of 6/10, net 30. What is Fairview Clinic's costly trade credit? (365 days in a year) A. $13,194 B. $39,583 C. $32,986 D. $26,389 E. $22,431Backyard World buys plastic pools from a supplier with an invoice amount of $15,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due? $6,763.16 $6,840.00 $7,200.00 $8,736.84
- Crazy Cliff’s Computers (CCC) purchases computer parts from its suppliers 2/5, net 30. What is the effective annual cost of not taking the trade discount? Select one: a. 2.00% b. 2.04% c. 27.43% d. 34.31% e. None of the above.Sharma Kennels buys some items with a list price of $4,700. The supplier extends a 40% trade discount rate. What is the net price (in $)? $Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
- Rangling Company, buys goods from A.J. Stop Company that gives sales terms of 2.5/10, net 30 days. Rangling has annual gross purchases of $1,000,000. Calculate the maximum amount of costly trade credit that Rangling could get, assuming it abides by the A.J.’s credit terms? (Assume a 365-day year.)VaibhavA manufacturer offers a 25/20 chain discount if the invoice subtotal is above $1,000. If the list price is $45 per item, what is the total price of the first invoice that activates the chain discount? B. $594.00 A. $569.25 D. $621.00 C. $648.00 03-2021 Acellus Corporation. All Rights Reserved.
- for the journal entry: 1 Record the services provided to Nemmers Dental. 2 Record the services provided to Midwest Dental. Thank you so much..On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to Bull company. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P 200,000 of delivery costs. What will be the remittance to be received by Pitt from Bull? a. P 2,744,000 b. P 2,940,000 c. P 2,944,000 d. P 3,140,000PLEASE SHOW ALL WORK 14. Series discounts are a form of trade discount. (T or F) For Problems 15-19 assume that you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated October 3 with terms of 3/15, n/45. 15. What is the net price after trade discount? 16 What is the last day you can take a cash discount? 17. What is the net amount due if you pay within the discount period? 18. If you do not pay within the discount period, what is the final date to pay the invoice? October 3 is day number 276; 19. If you do not pay within the discount period, what annual interest rate are you, in effect, paying the supplier? Express the rate with two decimal places