Khalld Compony sold goods on January t, for OMR25,000, with credit terrms ol 3/10, n/30. How much should the seller expect to receive if the buyer pays on Jonuary B8? Oa. OMR 24,005 Ob. OMR 22,450 OC OMR 24,502 O d. OMR 24,250 Omantel company has the following: Particulars Unit Unit Cost (OMR) nventory, Jan. 1 8,000 11 Purchases, June 19 13,000 12 Purchases, Nov. B 5,000 13 If 9,000 units are on hand at Docember 31. Compute the cost of the ending inventory under FIFO. Use periodic inventory system O a OMR 90,000 O b. OMR 113,00 OC. OMR 117,000 Od OMR 108,000 An item or tionsortion will qualify for elossification as o cash equivalent O a ifit hos a fixed maturity date less than twelve months O bif iea tirm to makeit no greater than twelve manths O c.if it hos remdining terrm of more than three months but no more than Rix menths O di only if it has a maruary of less than three months

Khalld Compony sold goods on January t, for OMR25,000, with credit terrms ol 3/10, n/30. How much should the seller expect to receive if the buyer pays on Jonuary B8? Oa. OMR 24,005 Ob. OMR 22,450 OC OMR 24,502 O d. OMR 24,250 Omantel company has the following: Particulars Unit Unit Cost (OMR) nventory, Jan. 1 8,000 11 Purchases, June 19 13,000 12 Purchases, Nov. B 5,000 13 If 9,000 units are on hand at Docember 31. Compute the cost of the ending inventory under FIFO. Use periodic inventory system O a OMR 90,000 O b. OMR 113,00 OC. OMR 117,000 Od OMR 108,000 An item or tionsortion will qualify for elossification as o cash equivalent O a ifit hos a fixed maturity date less than twelve months O bif iea tirm to makeit no greater than twelve manths O c.if it hos remdining terrm of more than three months but no more than Rix menths O di only if it has a maruary of less than three months

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Wentz Co. made it a priority to negotiate better credit terms with its suppliers so it could defer payments longer. (a) Use the following information for Wentz Co. to compute days’ payable outstanding for Year 1 and Year 2. (b) Does Wentz Co. appear to have negotiated better credit terms in Year 2 than in Year 1?
Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 18,000 Total fixed administrative expense $ 14,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
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At the various activity levels shown, Harper Company incurred the following costs: 4 Units sold 20 40 60 80 100 a. Rental cost per unit of merchandise sold b. Total phone expense c. Cost per unit of supplies d. Total insurance cost e. Total salary cost f. Total cost of goods sold g. Depreciation cost per unit h. Total rent cost i. Total cost of shopping bags j. Cost per unit of merchandise sold 36.00 $ 18.00 2$ 120.00 12.00 2$ 9.00 2$ 7.20 80.00 100.00 140.00 160.00 1.00 1.00 1.00 1.00 1.00 480.00 480.00 480.00 480.00 480.00 1,200.00 1,600.00 2,000.00 2,400.00 7, 200.00 2,800.00 9,000.00 1,800.00 3,600.00 5,400.00 240.00 120.00 80.00 60.00 48.00 3,200.00 6.00 90.00 3,200.00 3,200.00 2.00 3,200.00 4.00 3,200.00 10.00 8.00 90.00 90.00 90.00 90.00 Required Identify each of these costs as fixed, variable, or mixed. a. b. С. d. e. f. g.
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 11,000 Selling price per unit $ 17.00 Variable selling expense per unit $ 1.00 Variable administrative expense per unit $ 1.00 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 26,000 Merchandise purchases $ 90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Sunland company provided the following information of its two products: Product A Product B Cost $20 $90 Replacement cost $18 $85 Selling price $40 $120 Selling costs $6 $40 Normal profit margin $5 $30 1 12 Suppose company's ending inventory contains 1,500 units of both the products. Computethe carrying value of the company's inventory using LCM rule applied to individual products. 12
Presented below is information related to Blowfish radios for the Metlock Company for the month of July. Date July 1 (a1) 6 7 10 12 15 18 22 25 30 Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Totals Units In 200 1,600 800 600 1,000 4,200 Unit Cost Weighted-average cost per unit $ $4.20 4.30 4.60 4.70 4.68 Total $840 6,880 3,680 2,820 4,680 $18,900 Units Sold 600 600 400 800 400 2,800 Selling Price Total $6.80 7.10 7.20 7.20 7.30 Calculate the weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) $4,080 4,260 2,880 5,760 2,920 $19,900
What value needs to be invoiced to the customer in the bottom line of the commercial invoice of the following shipment? Shipper: Ontario Mountain Equipment Coop, 1234 King St W, Toronto M5T 2S1 Consignee: Burbury Clothing PLC, Thames River Rd., Feltham, Middlesex., TW2 9DG, UK Commodity: 200 Cartons of Rolled Gortex The net weight of each roll is 10 kg The gross weight of each carton is 12 kg The dimensions off each carton are 100 cm x 30 cm x 30 cm The value of the goods is CAD $350.00/ carton The HS Code is 9366.66.92.00 Packaging Marks: Burberry, Feltham Terms of Trade: CPT Burberry, Feltham, UK (Incoterms® 2010) Transportation booked on Air Canada AC 1234 on December 16th, 2019 Selling airfreight rate $2.00/kg, pre-carriage by truck @ CAD $350.00 CAD $72,750.00 CAD $73,000.00 CAD $73,350.00 CAD $70,000.00