Northern Traders allows 2% cash discount if payment is made within 10 days. Invoice amount is $40,000. State the amount of discount available.
Q: cost accounting subject
A: Step 1: Calculate Cost of Goods Sold (COGS):COGS = Beginning Inventory + Purchases + Freight-in -…
Q: Question
A: When recording accrued interest on bonds payable, the entry reflects the interest expense incurred…
Q: A partially completed pension spreadsheet showing the relationships, among the elements that…
A: Step 1:Completion of missing amount of pension worksheet showing the relationships among the…
Q: Determine the number of units
A: Explanation of Work in Process (WIP): Work in process refers to partially completed manufacturing…
Q: The shirt factory sells dress shirts please solve this question ❓
A: The Shirt Factory is evaluating the financial impact of introducing a lower-priced line of shirts.…
Q: Begusarai enterprises has...Accounting question
A: Step 1: Define Cash cycleCash cycle refers to the cycle that starts off with paying of cash for raw…
Q: Thomlin company forecasts..accounting questions
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate refers to the rate that…
Q: Need answer help me
A: Explanation of Activity-Based Costing (ABC):Activity-Based Costing is a method of allocating…
Q: Can you please solve these general accounting question without use Ai?
A: Step 1: Define ShareShares can be defined as a small proportion of business that is offered by the…
Q: I need answer of this question solution general accounting
A: Step 1: Define Unlevered FirmAn unlevered firm, also called an all-equity firm, is a firm without…
Q: Need answer
A: Explanation of Responsibility Accounting: Responsibility accounting is a system that assigns…
Q: Solve this general accounting question not use chatgpt
A: Step 1: Define High Low MethodThe high low method is a method used to estimate variable and fixed…
Q: On September 30, Valerian Co. had a $105,000 balance in Accounts Receivable. Please provide answer…
A: Step 1: Define Accounts ReceivableAccounts receivable denote the amount which a firm will receive in…
Q: Need help with this question solution general accounting
A: Step 1: Formula Stockholders' equity, ending = Stockholders' equity, beginning + Net income -…
Q: Hello tutor please provide this question solution general accounting
A: Step 1: Identify the Beginning Stockholders' Equity.Step 2: Add the Net Income for the period to the…
Q: I need answer of this question solution general accounting
A: Step 1: Define Variable Overhead CostVariable overhead cost relates to the cost that is not either…
Q: A partially completed pension spreadsheet showing the relationships among the elements that comprise…
A: Step-by-Step Completion:Calculating the components of pension expense:Service Cost:Directly given as…
Q: Answer fast
A: Sustainability is becoming an increasingly important consideration in traditional accounting…
Q: Shasta industries prepared astatic budget this question solution
A: Step 1: Define Standard CostIn cost accounting, a manager estimates the costs to be incurred so the…
Q: hg
A: The formula for determining the ending retained earnings balance is: Ending Retained Earnings =…
Q: What is the equity ratio on these financial accounting question?
A: Step 1: Define Equity RatioThe equity ratio is a financial ratio that reflects the firm's capital…
Q: Hi expert please provide this question solution general accounting
A: Step 1: Define Operating LeverageOperating leverage measures the degree to which a firm can increase…
Q: Need help with this question solution general accounting
A: Step 1: Define Cost of merchandise soldThe amount of goods sold by a wholesaler or retailer is…
Q: Consider the following data....accounting questions
A: Given Data:Free Cash Flow in Year 6 (FCF6): 5.8 millionContinuation Value of Equity: 120…
Q: Need answer the accounting question not use ai
A: Step 1: Define Profitability Index (PI)Profitability Index (PI) is a measure of investment…
Q: Hello tutor please provide this question solution general accounting
A: Step 1: Define Gross profitGross profit can be referred to as the amount of sales revenue that is…
Q: 18 26 30 42 50 52 52 76 78 84 For the given data, the mean is the median is and the mode is Suppose…
A: The mean is calculated by adding all the numbers in the data set and then dividing by the number of…
Q: Need help with this question solution general accounting
A: Step 1: Define Absorption Costing:Absorption Costing used direct materials, direct labor and…
Q: Need help with this question solution general accounting
A: Step 1: Define Total bank depositsTotal bank deposits are the total sum of money which are submitted…
Q: Traditional Budgeting Method
A: Rolling forecasts offer the flexibility to incorporate real-time data and develop dynamic business…
Q: Solve these general accounting issue not use ai
A: Step 1: Define Variable OverheadThe varying production expenses linked to running a firm are…
Q: Hi tutor please help: NO AI use for this cost account questions
A: Explanation: In the given case, we are required to calculate the amount of gross profit from the…
Q: The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below.…
A: Adjusting entries are made at the end of an accounting period to record all revenues and expenses…
Q: ?? Accounting Question
A: Explanation of Supply Variance: Supply variance is the difference between the expected quantity of…
Q: The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below.…
A: Detailed explanation:Posting of the beginning balances to the T account :The balances of the asset…
Q: I need answer of this question solution general accounting
A: Step 1: Identify the formula for net incomeStep 2: Substitute the given valuesStep 3: Calculate the…
Q: Process Costing
A: Explanation of FIFO (First In, First Out): FIFO is a method used in process costing to assign costs…
Q: I want to correct answer general accounting
A:
Q: Hi expart give correct answer the general accounting question
A: Step 1: Define Straight-line Method of DepreciationDepreciation expense is charged over time for…
Q: Hello tutor give me answer this general accounting question
A: Step 1: Define High-Low MethodThe high-low method is an accounting method that is used to separate…
Q: Question financial accounting
A: Explanation of Opening Stock: This represents the value of raw materials on hand at the beginning of…
Q: Please provide correct answer the general accounting question
A: Step 1: Define Accounts ReceivableCredit sales give rise to accounts receivable as they represent…
Q: Business 123 Introduction to Investments May I please have responses for the following questions…
A: Approaches used to answer each part:Analytical Approach for Low-Risk Funds' PerformanceTo analyze…
Q: Spoilage that should not arise under efficient operating conditions is referred to as Select one:…
A: In accounting, particularly in cost accounting, spoilage refers to the portion of a product's…
Q: Step by step answer
A: Explanation: In the given case, we are required to calculate sales price variance from the data…
Q: General accounting Question 4 points
A: Explanation of Depreciation: Depreciation is the systematic allocation of an asset's cost over its…
Q: A firm has a debt to equity ratio need solve this question ❓
A: Step 1: Given Value for Calculation Debt to Equity Ratio = 0.25 Step 2: Calculation of Debt Ratio…
Q: Business 123 Introduction to Investments May I please have the solution for the following exercise?…
A: The conversion price is the price at which each share of common stock can be bought out of each…
Q: Accounting question
A: Step 1:Define Cash Conversion CycleThe cash conversion cycle is a part of the working capital…
Q: Need Answer of this General Accounting Question
A: Step 1: Definition of Historical CostHistorical cost refers to the actual amount spent to acquire an…
4 marks financial accounting prblm
Step by step
Solved in 2 steps
- An invoice dated April 22 shows a net price of $175.00 with the terms 3/10, n/30. What is the latest date the cash discount is allowed?You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in the table below: Month Previous Balance Payment Purchases Finance Charge New Balance 1 $200 $75 $50 a:$ b:$ 2 $ $75 $60 c:$ d:$4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
- A $7,000, 4%, 120-day note dated March 20 is discounted on July 15. Assuming a 3% discount rate, the bank discount is: Multiple Choice $1.74 $1.77 $93.33 $70.00A company receiving payment of a $20,000 accounts receivable within 10 days with terms of 2/10, n/30, would record a sales discount of: Ca. 2% of $20,000 Ob. (100% -2%) x $20,000 Oc. (100 % - 10%) x $20,000 Od. 10% of $20,000A 90-day, 10% note for $10,000 dated March 15 is received from a customer on account. The face value of the note is: Oa. $10,250. Ob. $9,000. Oc. $9,750. Od. $10,000.
- (Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit CreditMaster Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 19.00%, with interest paid monthly, what is the card's EFF%? a.18.58% b. 19.52% с. 20.75% d. 21.94% e. 22.65%The bank discount of a 90 - day simple discount note for $ 18,000 with an 8\% discount rate is :
- Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueA business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Transaction Account Debit Credit a. b.On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note had a 12 percent discount rate and a one-year term. If Halo Co. earned $2,000 of revenue in Year 1, the amount of net income would be O $2,000 O $1,550 O $1,400 O $1,800
