General Accounting:-9 Silver Cloud Computing purchased office equipment for $75,000 with a trade discount of 12% and cash discount terms of 2/10, n/30. If they pay within the discount period, calculate the final payment amount. a) $64,680 b) $66,000 c) $65,340 d) $63,900

General Accounting:-9 Silver Cloud Computing purchased office equipment for $75,000 with a trade discount of 12% and cash discount terms of 2/10, n/30. If they pay within the discount period, calculate the final payment amount. a) $64,680 b) $66,000 c) $65,340 d) $63,900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

See similar textbooks

Related questions

Q: If you give me correct answer this general accounting question I will give you helpful rate

A: Step 1: Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures the…

Q: Question 1. Pearl Leasing Company agrees to lease equipment to Martinez Corporation on January 1,…

A: Lease liability is the present value of all future lease payments. It is calculated at the…

Q: need help with this accounting question

A: Step 1: Definition of Average Tax RateThe average tax rate is the percentage of taxable income that…

Q: Parker compound has provided the following datavfor the most recent year

A: Detailed explanation:Contribution Margin = sales x contribution margin ratio = 193,000 x 70% = $…

Q: I want to this question answer general Accounting

A: Step 1: Define Annual Percentage RateAnnual percentage rate (APR) is defined as the aggregate cost…

Q: What is the overall contribution margin ratio?

A: Explanation of Sales: Sales represents the total revenue generated from selling products A and B,…

Q: Need help with this accounting questions

A: To calculate the gross margin, we need to subtract the cost of goods sold (COGS) from the sales. The…

Q: Need help with this financial accounting question

A: Concept of Relevant CostsRelevant costs are those costs that are directly affected by a decision and…

Q: What is the amount cost of goods available for sale ?

A: Step 1: Definition of Cost of Goods Available for Sale (COGAFS)The Cost of Goods Available for Sale…

Q: Ans

A: Step 1: Definition of GoodwillGoodwill is an intangible asset that arises when one company acquires…

Q: What was the variable cost per dog associated with zarena's water bill?

A: We have given: Highest bill: $3,800 for washing 400 dogsLowest bill: $2,400 for washing 200 dogsLet…

Q: Please provide correct answer the general accounting question

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that measures a…

Q: Abc

A: The Cash Conversion Cycle (CCC) tells us how long it takes for a company to turn its investments in…

Q: What was the sales price variance for the year on these financial accounting question?

A: Explanation: The formula to calculate the sales price variance is as follows:Sales price variance =…

Q: Calculate the direct labor rate variance?

A: Explanation of Standard Rate: Standard rate, set at $14.00 per hour in this case, represents the…

Q: Help me

A: We will answer this using elimination: For option A: Standards fit everything Standards are not…

Q: General Accounting question

A: The high-low method is used to estimate the fixed and variable costs by analyzing the highest and…

Q: None

Q: What is the cost of equity using SML

A: Cost of Equity Using DDM:Step 1: Use the formula: Re = (D1 / P0) + gStep 2: Calculate D1 = D0 × (1 +…

Q: Answer? ? Financial accounting question

A: To solve for Sunflower Company's equity multiplier, debt ratio, and ROE, we can follow these steps:…

Q: Need help with this accounting questions

A: To calculate the net cash provided by financing activities, we consider the inflows and outflows…

Q: None

A: Step 1: Definition of Debt to Equity RatioThe debt to equity ratio measures the proportion of a…

Q: Hello teacher please help me with accounting questions

A: Step 1: Definition of Replacement CostReplacement Cost: The current cost to replace an asset or item…

Q: Please need help with this general accounting question

A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is a rate calculated at…

Q: How much sales are necessary to break even? General accounting

A: Step 1: Definition of Break-Even SalesBreak-even sales represent the amount of sales revenue…

Q: Financial Accounting

A: Step 1: Define Work in Process CostsWork in process (WIP) costs represent the total production costs…

Q: 25. What purpose does structural dependency analysis serve? (a) Independent treatment works better…

A: Structural dependency analysis is used to examine how various components within an organization or…

Q: ??!

A: Explanation of High-Low Method:The High-Low Method is a cost analysis tool used to separate fixed…

Q: The number of units it would have to manufacture during tha year would be

A: To solve this, we calculate the required production (manufacturing) using the following…

Q: Question 1. Pearl Leasing Company agrees to lease equipment to Martinez Corporation on January 1,…

A: The lease liability at the commencement of the lease is the present value of the lease payments.…

Q: The corporation s acid thest ratio is ? Given answer

A: Step 1: Define Acid Test RatioThe acid test ratio indicates the short-term financial ability of a…

Q: I want to correct answer general accounting

A: To better clarify inflows and outflows, let's revisit the components of the cash flow statement:Cash…

Q: What is the interest expense for December

A: Concept of Promissory NoteA promissory note is a financial instrument that represents a written…

Q: Given answer general Accounting question

A: Step 1: Define Minimum Required ReturnThe Minimum Required Return is the amount of income required…

Q: Do fast this question answer financial accounting question

A: Step 1: Define Debt-to-Equity RatioThe Debt-to-Equity Ratio measures a company's financial leverage…

Q: Hello tutor please help me this question general accounting

A: Step 1: Definition of Variable CostingUnder variable costing, only variable manufacturing costs are…

Q: Financial accounting question

A: Step 1: Define Dividend Payout Ratio And Debt RatioThe dividend payout ratio and debt ratio denote…

Q: No AI ANSWER

A: Step 1: Determine the current value of the firm's equity (equal to the value of its assets for an…

Q: Financial accounting question not use ai

A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial performance metric that…

Q: Given answer general Accounting question

A: Step 1: Define Maturity ValueMaturity Value is the total amount that must be paid when a financial…

Q: Please provide this question solution general accounting

A: Step 1: Definition of Debt-to-Equity RatioThe Debt-to-Equity Ratio measures the proportion of a…

Q: I need this question answer general Accounting question

A: Step 1: Define Owners' EquityOwners' equity represents the residual interest in a company's assets…

Q: 5 PTS

A: Given:Net operating income = $45,500Fixed expense = $92,000Sales = $193,000CM ratio = 70% Formula:CM…

Q: A company has a significant amount of deferred tax assets on its balance sheet. Discuss the…

A: Deferred tax assets (DTAs) arise when a company has paid more taxes or recognized fewer tax expenses…

Q: General Accounting

A: Step 1: Identify the total annual lease payment and the property taxes included in the payment.Step…

Q: Good Times Restaurant estimates the following costs for next year: fixed costs $120,000, variable…

A: To determine the required number of meals to achieve the desired profit, the contribution margin…

Q: What are the risks associated with foreign currency hedges? How can the company determine the…

A: Risks and Effectiveness of Foreign Currency HedgesForeign currency hedging is a vital strategy for…

Q: Financial Accounting MCQ

A: Concept of Dynamic Allocation Models:Dynamic allocation models are resource distribution systems…

Q: I need this question answer general Accounting

A: Step 1: Define DividendsDividends are the proportion of earnings that are distributed by the…

Q: Answer this general accounting mcq

A: Explanation of Degree of Operating Leverage (DOL): Degree of Operating Leverage measures the…

Question

General accounting question

General Accounting:-9
Silver Cloud Computing purchased office equipment for
$75,000 with a trade discount of 12% and cash discount terms
of 2/10, n/30. If they pay within the discount period, calculate
the final payment amount.
a) $64,680
b) $66,000
c) $65,340
d) $63,900

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

??!!
question financial accounting 9.7
John Lee Wholesale provides the following information: Accounts Receivable - 01/07/2020 $150 Accounts Receivable - 30/06/2021 900 Cash received from accounts receivable 8,050 What would be the credit sales for the year? Select one: 8,950 750 8,800 1,050
You are provided with the following information: Sales for the year $400 000 Discounts provided during the year to customers for early payment $10 000 Doubtful debts expense for the year $5 000 Opening balance of accounts receivable $90 000 HI5020Tutorial T1 2021 Closing balance of accounts receivable $80 000 Opening balance of the provision for doubtful debts $9 000 Closing balance of the provision for doubtful debts $8 000 Cost of goods sold for the year $60 000 Purchases for the year (on credit terms) $80 000 Discounts received for early payment to suppliers $2 000 Stock write-offs owing to water damage caused by melting ice in the Antarctic $5 000 Opening balance of trade creditors $40 000 Closing balance of trade creditors $35 000 Opening balance of inventory $10 000 Closing balance of inventory $25 000…
Please help me of this question solution general Accounting
Hii expert please provide answer general Accounting question
Please provide answer the accounting question
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
Give true calculation
Subject: accounting
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000