ponts) Ponchard, a chain of candy stores, purchases it's candy in bulk. In a recent shipment, Ponchardreceived 149,240 candies for $13,500. The candy is broken into two groups. One group of 44,550 piecesthat will sell for $0.15 each and the rest that will sell for $0.41 each. Using this information, how much profitwill Ponchard record for each candy they sell from the first group? Please round your calculations to thenearest penny!O $0.06O $0.11O $0.30O $0.04

Answered: pots) Ponchard, a chain of candy…

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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i need help figuring this out
Record the transactions on the books of marigold corporation.
ssence of Skunk Fragrances, Ltd., sells 6,900 units of its perfume collection each year at a price per unit of $399. All sales are on credit with terms of 2/30, net 50. The discount is taken by 50 percent of the customers. a.What is the amount of the company’s accounts receivable? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)b.In reaction to sales by its main competitor, Sewage Spray, Essence of Skunk is considering a change in its credit policy to terms of 4/30, net 50 to preserve its market share. Will this change in policy increase or decrease accounts receivable?
Flint Taco Palace sells 280 gift cards at $50 per gift card and 140 of the gift cards are redeemed by year-end. Flint estimates that it wi have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Cash Unearned Gift Card Revenue Subscriptions Revenue. Debit 14000 Credit 7000 7000
Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.
Rangling Company, buys goods from A.J. Stop Company that gives sales terms of 2.5/10, net 30 days. Rangling has annual gross purchases of $1,000,000. Calculate the maximum amount of costly trade credit that Rangling could get, assuming it abides by the A.J.’s credit terms? (Assume a 365-day year.)
1 Muskoka Tools Depot is selling snow blowers for $710.00 each. The same model blowers are being offered by Dixie Appliances for $568.00 each. What rate of discount should Muskoka Tools Depot offer to match the lower price? 2 How much must be paid on December 20, 2014 to settle three invoices of values $139,642, $89,384, and $12,439 that were received on November 19, 2014, November 20, 2014, and December 10, 2014 respectively. The payment terms are 3/10, 2/30, n/45?
Comfy Home sells gift cards which can be loaded with any amount greater than $10, in increments of $5. Which of the following statements best describes the nature of gift card sales? Gift cards represent an asset because the company is entitled to receive revenues from future sales that will be paid for with gift cards. Gift cards represent an asset because the company will get to keep the cash from all gift cards that expire before they are redeemed. O Gift cards represent a liability because the company has an obligation to provide goods to customers at a future date. Gift cards represent owners' equity because the company can recognize revenue as soon as the gift cards are sold.
Green Thumb Nursery sells spreading junipers to the gardening departments of local grocery and building supply stores. The net price per tree is $27.06 after a trade discount of $22.14.What rate of trade discount is the nursery giving to retailers? (Round your answer to one decimal place.)Discount rate = %
Zorro Company buys from wholesalers and resells a single product that costs $10 each unit. All purchases are paid in cash. There is a sales commission paid of 20% on each unit sold. Sales commissions and sales proceeds are also all in cash. Each unit sells for $30. In year 1 the firm purchased 20,000 units and sold 15,000 units. In year 2 it purchased 20,000 units and sold 17,800 units. The firm uses FIFO inventory method for inventory costing. Required 1: Assuming no other transaction happened, the amount of gross Sales Revenue in year 2 is: $ Required 2: Assuming no other transaction happened, the amount of gross margin on sales in year 2 is: $ Required 3: Assuming no other transaction happened, what was the profit on sales for year 2? $
Stork Enterprises delivers care packages for special occasions. They charge $55 for a small package, and $85 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 48 small packages and 25 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $ per small package Overall charge per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $ per large package Overall charge per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $ D. What account is used to recognize this tax situation for the month of May? Sales Tax Payable E. When Stork remits payment to the sales tax…

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