Global Traders sold goods worth $30,000 to a customer on credit terms of 2/10, net 30. How much discount will the customer receive if they pay within 10 days? • What is the net amount payable after the discount?
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What is the net income payable after the discount accounting question
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- 6. A business allows customers to pay with a credit card or with cash. If paid with cash, the customer receives a discount of 100r%, where 0If a firm buys on terms of 3/15, net 45, but actually pays on the 20th day and still takes the discount, what is the nominal cost of its nonfree trade credit? Does it receive more or less credit than it would if it paid within 15 days?Now look at an example on the Payee’s books: Nov 1: We sell our product on account $1000 terms net 30 days: Accounts Receivable 1000 Sales 1000 Dec 1: The customer is unable to pay so we request a promissory note since it is a stronger legal claim and we can earn interest. Suppose the note is a 6%, 90- day note. We are receiving a note on account. This means we are replacing the accounts receivable with a note receivable. Notes Receivable 1000 Accounts Receivable 1000 received a note on account Dec 31: Adjusting Entry. We must recognize the 30 days of interest since December 1. Simple interest is calculated Principal x Rate x Time = 1000 x .06 x 90/360 = $15. That is the interest for 90 days. Since we only want 30 days 30/90 x 15 = 5 Interest Receivable 5 Interest Revenue 5 Dec 31: Closing entry. Interest Revenue 5 Debit Income Summary 5 Credit The due date of the note is 90 days from December 1. We do not count December1 and we are assuming we are not going into a leap year.…Assume the credit terms offered to your firm by your suppliers are 2/15, net 30 . Calculate the cost of the trade credit if your firm does not take the discount and pays on day 30 . (Hint: Use a 365 -day year.)Hello tutor need answer the accounting questionNeed help with C only Company X sells on a 1/15, net 60, basis. Company Y buys goods with an invoice of $1,500. a. How much can company Y deduct from the bill if it pays on day 15? (Do not round intermediate calculations.) $15 b. How many extra days of credit can company Y receive if it passes up the cash discount? 45 days c. What is the effective annual rate of interest if Y pays on the due date rather than day 15? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) ???[A] Instructions: Compute the VAT Payable (refer to the photo) for the third quarter. (Show solution)a business has 10000 ghana cedis in the bank and buys inventory for 6000 ghana cedis paying by cheque. what is the effect of this on its current ratio and quick (acid test) ratio?Solve this problem general AccountingWhat is answer?A company buys on terms of 2/15, net 30 days. It does not take discounts, and it typically pays 35 days after the invoice date. Net purchases amount to P720,000 per year. What is the nominal annual cost of its non-free trade credit? (Assume a 365-day year.) Show your complete solution.11.A credit card holder purchased an item P6,000 on credit with a monthly interest rate of 3% and 5% minimum monthly payment rate. After 6 months, how much is the remaining balance?SEE MORE QUESTIONS
