Sunset Photography requires a 40% deposit on all bookings. In March, they received deposits for weddings totaling $24,000. What is the total contract value of these bookings?
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- Provide solution for the financial accounting ProblemA contractor estimates maintenance costs for a new backhoe to be $500 for the first month with a monthly increase of 0.75%. The contractor can buy a 4-year maintenance contract for $20,000 at any point. If the contract is purchased at the same time as the backhoe is purchased, the dealer has offered a 10% discount. Use i = 1% per month. What should the contractor do?SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $600,000. However, the payments will be made as follows: 1 August 20X1 on date of delivery $400,000; 1 August 20X2 $100,000 and 1 August 20X3 $100,000. SorCo has estimated that the interest rate required for this customer is 8%. SorCo follows IFRS. Required: Prepare the journal entry required to record the sale on 1 August 20X1 and the receipt of cash on 1 August 20X2 and 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest whole dollar.)
- 25% of the price of a living room furniture is paid with a document with a face value of $4,000 and expiration in 30 days. 30% is settled through a payment within 60 days, another 30% with a document within 90 days of the purchase and the remaining 15% is left as an advance payment. Obtain a) The price of the furniture. b) The advance payment and the other two payments. c) The total interest charge. Assume that the furniture store charges 22.20% annually compounded by months on its credit sales.help meHot Tub Builders sells to three retail dealers under an agreement wherein each dealer pays monthly. The average payments are $148,500, $162,900, and $74,500 from these dealers. Each payment has a collection delay of 1.5 days. What is the amount of the average daily receipts assuming each month has 30 days?