Jack Inc. offers a credit term of n/30. This means that the company: a. receives money from the customers 30 days after the of sale of the goods. b. offers a 30-day loan to the suppliers. c. expects to collect receivables every 30 days. d. pays its creditors within 30 days of the purchase of raw materials.
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Jack Inc. offers a credit term of n/30. This means that the company:
|
|
a. |
receives money from the customers 30 days after the of sale of the goods. |
|
|
b. |
offers a 30-day loan to the suppliers. |
|
|
c. |
expects to collect receivables every 30 days. |
|
|
d. |
pays its creditors within 30 days of the purchase of raw materials. |
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- PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $730,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9.20%. Each year on December 31, the company pays down the principal balance by $90,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $ B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year. If…Please solve this question
- Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $700,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.70%. Each year on December 31, the company pays down the principal balance by $86,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $1 B. Compute the interest accrued on December 31 of the first year. Feedback C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that…Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $690,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.70%. Each year on December 31, the company pays down the principal balance by $83,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $fill in the blank B. Compute the interest accrued on December 31 of the first year. $fill in the blank C. Make a journal entry to record interest accumulated during the first year,…Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $680,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.80%. Each year on December 31, the company pays down the principal balance by $89,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $ B. Compute the interest accrued on December 31 of the first year. $ C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of…
- The credit terms offered to a customer by a business firm were 2/10, n/30, which means the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date. two sales returns can be made within 10 days of the invoice date and no returns thereafter. the customer must pay the bill within 10 days.Namekus Company has the following three loans payable scheduled to be repaid in February of next year. The company’s accounting year ends on December 31.A. The company intends to repay Loan 1 for P100,000 when it comes due in February. In the following October, the company intends to get a new loan for P80,000 from the same bank.B. The company intends to refinance Loan 2 for P150,000 when it comes due in February. The refinancing agreement, for P180,000, will be signed in April, after the financial statements for this year have been authorized for issue.C. The company intends to refinance Loan 3 for P200,000 before it comes due in February. The actual refinancing, for P175,000, took place in January, before the financial statements for this year have been authorized for issue. As of December 31 of this year, the total noncurrent liabilities to be reported on the company’s statement of financial position should be:Your company has been offered credit terms on its purchases of 4/30, net 90days. What will be the nominal annual cost of trade credit if your companypays on the 35th day after receiving the invoice? (Assume a 365-day year.) Show your complete solution.
- If the total Accounts Receivable of HAPPY ENTERPRISES is 560,000 and gives its customers a 5% discount if their accounts are settled within 10 days, the discount period. What amount of cash would be receive by the enterprise, supposing that it is a VAT paying business and that its customers were able to pay within the discount period.Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of October. The limit on your line of credit is $1000.00. You receive daily interest of 1.6% p.a. on positive balances and pay daily interest of 8% p.a. on negative (line of credit) balances. Overdraft interest is 15% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of October. ..... (a) Calculate the amount of interest earned. Total interest earned = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = $Company XYZ sold goods worth $5,000 on credit with a 2% discount if paid within 15 days. The customer paid the invoice after 20 days. What amount did the customer pay?
