Name Date Directions Solve the following problems, Write your answers in the blanks provided, Place commas and dollar signs in answers as needed. A. Find the cash discount amount and the net amount due on these invoices. Assume each invoice is paid within the discount period. Round your answers to the nearest cent. OBJECTIVES 2, 3 Invoice Amount Terms Cash Discount Net Amount Due $623.50 2/10, n/30 2. 1. $4,635.65 3/10, n/60 3. 4. $6,250.81 1/15, n/45 5. 6. B. Determine the cash discount and net amount due on these invoices. Round your answers to the nearest cent. OBJECTIVES 4, 5 Paid Within Net Invoice Cash Shipping Charges Discount Returned Amount Amount Terms Period Merchandise Discount Due $534.78 2/10, n/45 $13.25 7. 8. yes none $638.00 1/10, n/30 $33.50 9. 10. yes none $213.72 2/10, n/30 $15.50 11. 12. no none C. Determine the credit given for partial payment, balance due, and cash discount on these invoices. OBJECTIVE 6 Invoice Partial Credit Balance Cash Amount Terms Payment Given Due Discount $1,189.40 2/10, n/30 $290.00 13. 14. 15. $1,987.00 3/10, n/45 $1,400.00 16. 17. 18.

Name Date Directions Solve the following problems, Write your answers in the blanks provided, Place commas and dollar signs in answers as needed. A. Find the cash discount amount and the net amount due on these invoices. Assume each invoice is paid within the discount period. Round your answers to the nearest cent. OBJECTIVES 2, 3 Invoice Amount Terms Cash Discount Net Amount Due $623.50 2/10, n/30 2. 1. $4,635.65 3/10, n/60 3. 4. $6,250.81 1/15, n/45 5. 6. B. Determine the cash discount and net amount due on these invoices. Round your answers to the nearest cent. OBJECTIVES 4, 5 Paid Within Net Invoice Cash Shipping Charges Discount Returned Amount Amount Terms Period Merchandise Discount Due $534.78 2/10, n/45 $13.25 7. 8. yes none $638.00 1/10, n/30 $33.50 9. 10. yes none $213.72 2/10, n/30 $15.50 11. 12. no none C. Determine the credit given for partial payment, balance due, and cash discount on these invoices. OBJECTIVE 6 Invoice Partial Credit Balance Cash Amount Terms Payment Given Due Discount $1,189.40 2/10, n/30 $290.00 13. 14. 15. $1,987.00 3/10, n/45 $1,400.00 16. 17. 18.

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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Vishnu
please help keep getting wrong answers in blue For each case, provide the missing information. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.)
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Rahul
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
As a company accounts payable manager, which of the following credit terms are most likely to entice you to take the cash discount? A. 2/10 net 90 B. 1/10 net 45 C. 2/10 net 60 D. 1/10 net 30
10) Complete the table. Invoice Date Terms Last Date Last Date to Pay Invoice Date Paid Net Price Complement of Cash Price to Take Discount cash-discount rate 22-Nov. 7/10, n/30 1-Dec. $4,178.45
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b Preview File Edit View Go Tools Window Help mgt120h-a17.pdf Page 5 of 10 15. The retailer considers VISA and MasterCard sales as a. Cash sales. b. Promissory notes. c. Credit sales. d. Contingent sales. Cost-Volume-Profit Analysis 40 14. Receivables might be sold to a. Lengthen the cash-to-cash operating cycle. b. Take advantage of deep discounts on the cash realizable value of receivables. c. Generate cash quickly. d. Finance companies at an amount greater than cash realizable value. The Effect Of Prepaid Taxes On Assets And Liabili... O Debenture Valuation CC 7 D ↑ V Search (Cª Ơ Sat Apr 15 3:05 PM 13. Goodwill can be recorded When customers keep returning because they b. When the company ang because they are satisfied with the company's products. d. Only when there is an exchange transaction involving the purchase of an entire business. c. When the company has exceptional mor business 400-0 -0 =1 Page 4 of 11