The following month of January (31 days) financial information is for a burger restaurant. Calculate the cash-to-cash cycle time for the restaurant: a. OO King Kong 8000 Burgers 0.559 b. 0.457 Net Revenue C. 0.699 d. 0.324 Cost of Revenue (%) 0.85 Raw Goods Inventory 200 WIP Inventory 210 Finished Goods Inventory 215 Account Accounts Receivable Payable 760 1200
Q: Sheridan Company provided the following information for the month of October: Beginning cash…
A: A cash budget is prepared to estimate the total receipts and total disbursements. The cash budget is…
Q: For the credit card account, assume one month between billing dates and interest of 1.6% per month…
A: Here, Interest Rate is 1.6% per month on average daily balance
Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Use the unpaid balance method to find the finance charge on the credit card account for November…
A: The unpaid balance method, also known as the "previous balance method," begins with the previous…
Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…
A: Variables in the question:Previous month's balance =$110DateActivityAmountOctober 3Cash…
Q: What is LoGo's payables deferral period (DPO)?
A: Payables deferral period (DPO) = Accounts payable/Credit purchases per day It is the number of days…
Q: The following transactions were selected from among those completed by Hailey Retailers in the…
A: Net sales are calculated by deducting sales return allowance and cash discounts. Net sales are…
Q: The table below shows a summary of Milan's credit card statement for the month of February.…
A: Interest is an amount paid on money borrowed from the company or an individual over a period of…
Q: On July 9, Bonita Company sells goods on credit to Sandhill Company for $4500, terms 2/10, n/60.…
A: Sales Discounts = Sales value x discount rate = $4500 x 2% = $90
Q: Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are…
A: A journal entry is the act of keeping or making records of any transactions either economic or…
Q: Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Harrah Company provided the following information for the month of October: Beginning cash balance $…
A: Cash equivalents are high-credit-quality, high-liquidity financial vehicles suited for short-term…
Q: On January 15 , Tundra Co. sold merchandise to customers for cash of $ 41,000 ( cost $ 28,000 ) .…
A: A journal entry is the act of keeping records of any transaction either economic or non-economic.…
Q: The credit card with the transactions described on the right uses the average daily balance method…
A: Average daily balance is the average balance on the whole month sale and purchase and is the basis…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Given: Annual interest rate is 18% April 14 $89 Charged for a coat April 17 $140 Made…
Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…
A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…
Q: The College Store accepts MasterCard for payments of purchases made by students. The credit card…
A: Service charge expense = Amount deposited x MasterCard charges = $10,000 x 1.55% = $155
Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…
A: Here's the calculation of the average daily balance for the revolving credit account in October:Step…
Q: Suppose the charge account of Black's Mailing Service at the local supply store had a 1.1% interest…
A: Credit refers to the amount that a person borrows which they repay along with interest at a future…
Q: Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise…
A: Step 1: PART-ANoAccount titleDebitCredit1Inventory600000 Notes payable 600000 (To Record purchase…
Q: A chain of appliance stores, APP Corporation, purchases inventory with a net price of $250,000 each…
A: Average accounts payable = net inventory per day * days in discount period
Q: a. Find the average daily balance for the billing period. Round to the nearest cent. 4 The average…
A: Average Daily Balance: It is applied by credit card firms to calculate the amount of interest due…
Q: Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is…
A: Gift card expense=Gift cards×80%=$4,000×80%=$3,200
Q: Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and…
A: June collections= (25% of may collections)+ (75% of June collections) Where, 25% of May collections…
Q: Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.)…
A: Average daily balance is the weight average of unpaid balance. Average daily balance = ∑(unpaid…
Q: ABC Industries has accounts receivable of $700, inventory of $1,200, sales of $4,200, and cost of…
A: Ratio is a tool which is used to measure the growth and performance of the firm by establishing the…
Q: Carla Vista Salon Supply Company has accounts receivable of $105,000 at March 31, 2025. An analysis…
A: Uncollectable accounts are amount of accounts receivable which are seems to be uncollectable. This…
Q: 28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items…
A: The complete amount of income earned from the sale of products or services before any returns,…
Q: The following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entries are a record of financial transactions. This is very first step in accounting cycle,…
Q: Use the unpaid balance method to find the finance charge on the credit card account for November…
A: The unpaid balance method is the method used for calculating the finance charge on a credit card. It…
Q: Calculating the Cost of Credit Card Purchases Directions Use the interest rate of 18% and an annual…
A: The cost of credit represents the amount charged to the borrower by the lender in a credit…
Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Kathy's Corner Store has total cash sales for the month of $34,000 excluding sales taxes. If the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Current Attempt in Progress On May 10, Sunland Company sold merchandise for $5.800 and accepted the…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Concord Stores accepts both its own and national credit cards. During the year, the following…
A: Journal Entries Record All Business Transactions In The Accounting Journal. This Is The First Step…
Q: The following transactions were selected from among those completed by Bennett Retailers in November…
A: To calculate the net sales for the two months ended December 31, we need to consider the following…
Q: The following data available for Delicious Catering Ltd. Account Beginning balance Ending…
A: Sources of Cash means generating cash through various mode By increasing the share capital we can…
Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…
A: SOLUTION- SALES TAX - IT IS IMPOSED ON THE PRICE OF SOME GOODS AND SERVICES . IT CHARGED AS A…
Q: Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject…
A: Cash received =$75950
Q: Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of…
A: Under Gross Method, sales are recorded at full invoice price without any deduction in discounts.…
Q: n June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: Journal entries are the foremost reporting of the business transactions in the entity's account…
Q: The activity on Charlie Wilson's Visa account for one billing period is shown below. Find the…
A: Given information: Previous balance amounted to $645.33 Annual interest rate is 20%
Step by step
Solved in 3 steps
- Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the interest rate is 1.9% per month. (Round your answer to the nearest cent.) $ X Activity Date June 10 June 11 June 12 June 15 June 16 June 20 June 22 June 28 June 30 July 2 July 8 Company Unpaid balance Jan's Surf Shop Albertson's The Down Shoppe NY Times Sales Cardiff Delicatessen The Olde Golf Mart Lee's Hawaiian Restaurant City Food Drive Credit card payment Safeway Stores Amount 987.81 156.33 45.61 59,84 18.54 23.09 126.92 41.78 100.00 -1000.00 161.38 4
- Restaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28: View the transactions. Read the requirements. ☑ Requirement 1. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first. Date Accounts and Explanation Transactions Debit Credit National Express credit card sales $ 10,700 ValueCard debit card sales 8,000 Print Done ☑ Requirements - Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales using the gross method. Assume that on January 28, the company pays the fees assessed by the credit card…The following transactions were selected from among those completed by Bennett Retallers in November and December: November 20 November 25 Sold 20 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 1 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer 8 paid in full for the invoice of November 20. November 28 November 29 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
- Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price of $700,000 each day. The company purchases the inventory under the credit terms of 1/15, net 40. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar. $Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation…A household savings-account spreadsheet shows the following entries for the first day of each month: Month January February March April May June July August Additions Withdrawals Value 148,000 2,500 4,000 1,500 13,460 3,000 23,000 198,000 Required: Use the Excel function XIRR to calculate the dollar-weighted average return for this period. (Round your answer to 2 decimal places.) Dollar-weighted average Answer is complete but not entirely correct. 70.01%
- TB MC Qu. 07-116 (Algo) Giorgio Italian Market bought... Giorgio Italian Market bought $5,200 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $5,200. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) k Multiple Choice ices Debit Cash $5,278; credit Notes Receivable $5,278 Debit Notes Receivable $5,200; credit Cash $5,200 Debit Cash $5,200; debit Interest Receivable $78; credit Sales $5,278 Debit Notes Receivable $5,278; credit Sales $5,278 < Prev 11 of 20 Next MAR 15 éty MacBook Air 80 DD F2 F3 F4 F5 F6 F7 F8 F9 @ %23 2$ % & 2 4 5 7 8 W T Y < cOSpencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $245,000 and $280,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 50% 20% 70% In month of following sale 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June. $Answer