The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date.A. July 18 and May 25B.June 18 and July 8 C.April 29 and May 19 D.June 8 and July 18 9:40Formula Sheet and Tabl...Business Math Formula SheetO.T. Rate = 1.5 x Regular RateRegular Pay = Regular Hours × Regular Pay RateO.T. Pay = 0.T. Hours × O.T. Pay RateGross PayReg. Pay + O.T. PayTax = Tax Rate × Gross PayNet Pay = Gross Pay - DeductionsList Price = Net Cost + Net Cost EquivalentMarkup = Selling Price - Cost• Markup on Cost = M ÷ C, then x 100• Markup on Selling Price M + S, then x 100Rate of Increase/Decrease =DifferenceOriginalx 100%Increase Problem: R =100% + % of increaseDecrease Problem: R =100% - % of decreaseFinding Base: B = P + RFinding Part: P = R × BFinding Rate: R = P ÷ B, then multiply by 100Interest = Px R x T, when time is in years.Interest Rate = 12×I÷(PxT) in months%3DInterest Rate = 52×I÷(PxT) in weeksInterest Rate = 360×I÷(PxT) in days• Maturity Value = P+ IFor compound interest:i = interest rate + # of compound periods in 1 yearn = # of years x # of compound periods in 1 yearCompound Amount: FV = (Value from compound interest table) × PV%3D• Compound Interest = FV - PVAmount to be depreciated = Cost – Scrap ValueAnnual Rate of Depreciation = (1 ÷ # of years)Annual Depreciation = Annual Rate of Depreciation x Amount to be depreciatedPercentage Method: Amount for One Withholding AllowanceDavroll PeriodOne Withholdina Allowance9.DashboardCalendarТo DoNotificationsInbox 9:26( Back FV and PV Tables.pdf QCompound Interest Tableİnterest Rate Per Compounding Period1%2%PeriodPeriod1%2%3%4%5%6%8%10%1.080001.1000011.015001.0302311.010001.020001.025001.030001.040001.050001.060001.020101.040401.050631.060901.081601.102501.123601.166401.210001.030301.045681.061211.076891.092731.124861.157631.191021.259711.3310041.040601.061361.082431.103811.125511.169861.215511.262481.360491.4641041.051011.077281.104081.131411.159271.216651.276281.338231.469331.610511.061521.093441.126161.159691.194051.265321.340101.418521.586871.7715671.072141.109841.148691.188691.229871.315931.407101.503631.713821.9487271.082861.126491.171661.218401.266771.368571.477461.593851.850932.143599.1.093691.143391.195091.248861.304771.423311.551331.689481.999002.3579592.59374101.280081.31209101.104621.160541.218991.343921.480241.628891.790852.15892111.115671.177951.243371.384231.539451.710341.898302.331642.8531211121.126831.195621.268241.344891.425761.601031.795862.012202.518173.1384312131.138091.213551.293611.378511.468531.665071.885652.132932.719623.4522713141.149471.231761.319481.412971.512591.731681.979932.260902.937193.7975014151.160971.250231.345871.448301.55797.1.80094.2.078932.396563.172174.1772515161.172581.268991.372791.484511.604711.872982.182872.540353.425944.5949716171.184301.288021.400241.521621.652851.947902.292022.692773.700025.05447171.559661.59865181.196151.307341.428251.702432.025822.406622.854343.996025.5599218191.208111.326951.456811.753512.106852.526953.025604.315706.1159119201.220191.346861.485951.638621.806112.191122.653303.207144.660966.7275020211.232391.367061.515671.679581.860292.278772.785963.399565.033837.4002521221.244721.387561.545981.721571.916102.369922.925263.603545.436548.14027223.819755.871468.95430231.973592.03279231.257161.408381.576901.764612.464723.07152241.269731.429501.608441.808732.563303.225104.048936.341189.8497324251.282431.450951.640611.853942.093782.665843.386354.291876.8484810.83471251.67342-1.90029- 2-15659-2.77247--- 3:55567- 4.549382.22129261.29526 1.47271-7.3963511.918-18-264.822357.988068.62711271.308211.494801.706891.947802.883373.7334613.1099927281.321291.517221.741021.996502.287932.998703.920135.1116914.4209928291.334501.539981.775842.046412.356573.118654.116145.418399.3172715.8630929301.347851.563081.811362.097572.427263.243404.321945.7434910.0626617.4494030Interest Rate per Compounding Period1%2%Period1%2%3%4%5%6%8%10%Period1.99010.98522.98039.97561.97087.96154.95238.94340.92593.90909Quick TIP.98030.97066.96117.95181.94260.92456.90703.89000.85734.826452Period refers to3.97059.95632.94232.92860.91514.88900.86384.83962.79383.751313the number of4.96098.94218.92385.90595.88849.85480.82270.79209.73503.683014compoundingperiods..95147.92826.90573.88385.86261.82193.78353.74726.68058.620926..94205.91454.88797.86230.83748.79031.74622.70496.63017.564477.93272.90103.87056.84127.81309.75992.71068.66506:58349.5131678.92348.88771.85349.82075.78941.73069.67684.62741.54027.466519..91434.87459.83676.80073.76642.70259.64461.59190.50025.424109.10.90529.86167.82035.78120.74409.67556.61391.55839.46319.385541011.89632.84893.80426.76214.72242.64958.58468.52679.42888.350491112.88745.83639.78849.74356.70138.62460.55684.49697.39711.318631213.87866.82403.77303.72542.68095.60057.52032.46884.36770.289661314.86996.81185.75788.70773.66112.57748.50507.44230.34036.263331415.86135.79985.74301.69047.64186.55526.48102.41727.31524.2393915DashboardCalendarТo DoNotificationsInboxCO

The Receipt-of-goods (ROG) is the method of payment, wherein the date of commencement is the day on…

The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date. A. July 18 and May 25 B.June 18 and July 8 C.April 29 and May 19 D.June 8 and July 18

The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date. A. July 18 and May 25 B.June 18 and July 8 C.April 29 and May 19 D.June 8 and July 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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Question

The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date.

A. July 18 and May 25

B.June 18 and July 8

C.April 29 and May 19

D.June 8 and July 18

9:40
Formula Sheet and Tabl...
Business Math Formula Sheet
O.T. Rate = 1.5 x Regular Rate
Regular Pay = Regular Hours × Regular Pay Rate
O.T. Pay = 0.T. Hours × O.T. Pay Rate
Gross Pay
Reg. Pay + O.T. Pay
Tax = Tax Rate × Gross Pay
Net Pay = Gross Pay - Deductions
List Price = Net Cost + Net Cost Equivalent
Markup = Selling Price - Cost
• Markup on Cost = M ÷ C, then x 100
• Markup on Selling Price M + S, then x 100
Rate of Increase/Decrease =
Difference
Original
x 100%
Increase Problem: R =100% + % of increase
Decrease Problem: R =100% - % of decrease
Finding Base: B = P + R
Finding Part: P = R × B
Finding Rate: R = P ÷ B, then multiply by 100
Interest = Px R x T, when time is in years.
Interest Rate = 12×I÷(PxT) in months
%3D
Interest Rate = 52×I÷(PxT) in weeks
Interest Rate = 360×I÷(PxT) in days
• Maturity Value = P+ I
For compound interest:
i = interest rate + # of compound periods in 1 year
n = # of years x # of compound periods in 1 year
Compound Amount: FV = (Value from compound interest table) × PV
%3D
• Compound Interest = FV - PV
Amount to be depreciated = Cost – Scrap Value
Annual Rate of Depreciation = (1 ÷ # of years)
Annual Depreciation = Annual Rate of Depreciation x Amount to be depreciated
Percentage Method: Amount for One Withholding Allowance
Davroll Period
One Withholdina Allowance
9.
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9:26
( Back FV and PV Tables.pdf Q
Compound Interest Table
İnterest Rate Per Compounding Period
1%
2%
Period
Period
1%
2%
3%
4%
5%
6%
8%
10%
1.08000
1.10000
1
1.01500
1.03023
1
1.01000
1.02000
1.02500
1.03000
1.04000
1.05000
1.06000
1.02010
1.04040
1.05063
1.06090
1.08160
1.10250
1.12360
1.16640
1.21000
1.03030
1.04568
1.06121
1.07689
1.09273
1.12486
1.15763
1.19102
1.25971
1.33100
4
1.04060
1.06136
1.08243
1.10381
1.12551
1.16986
1.21551
1.26248
1.36049
1.46410
4
1.05101
1.07728
1.10408
1.13141
1.15927
1.21665
1.27628
1.33823
1.46933
1.61051
1.06152
1.09344
1.12616
1.15969
1.19405
1.26532
1.34010
1.41852
1.58687
1.77156
7
1.07214
1.10984
1.14869
1.18869
1.22987
1.31593
1.40710
1.50363
1.71382
1.94872
7
1.08286
1.12649
1.17166
1.21840
1.26677
1.36857
1.47746
1.59385
1.85093
2.14359
9.
1.09369
1.14339
1.19509
1.24886
1.30477
1.42331
1.55133
1.68948
1.99900
2.35795
9
2.59374
10
1.28008
1.31209
10
1.10462
1.16054
1.21899
1.34392
1.48024
1.62889
1.79085
2.15892
11
1.11567
1.17795
1.24337
1.38423
1.53945
1.71034
1.89830
2.33164
2.85312
11
12
1.12683
1.19562
1.26824
1.34489
1.42576
1.60103
1.79586
2.01220
2.51817
3.13843
12
13
1.13809
1.21355
1.29361
1.37851
1.46853
1.66507
1.88565
2.13293
2.71962
3.45227
13
14
1.14947
1.23176
1.31948
1.41297
1.51259
1.73168
1.97993
2.26090
2.93719
3.79750
14
15
1.16097
1.25023
1.34587
1.44830
1.55797.
1.80094.
2.07893
2.39656
3.17217
4.17725
15
16
1.17258
1.26899
1.37279
1.48451
1.60471
1.87298
2.18287
2.54035
3.42594
4.59497
16
17
1.18430
1.28802
1.40024
1.52162
1.65285
1.94790
2.29202
2.69277
3.70002
5.05447
17
1.55966
1.59865
18
1.19615
1.30734
1.42825
1.70243
2.02582
2.40662
2.85434
3.99602
5.55992
18
19
1.20811
1.32695
1.45681
1.75351
2.10685
2.52695
3.02560
4.31570
6.11591
19
20
1.22019
1.34686
1.48595
1.63862
1.80611
2.19112
2.65330
3.20714
4.66096
6.72750
20
21
1.23239
1.36706
1.51567
1.67958
1.86029
2.27877
2.78596
3.39956
5.03383
7.40025
21
22
1.24472
1.38756
1.54598
1.72157
1.91610
2.36992
2.92526
3.60354
5.43654
8.14027
22
3.81975
5.87146
8.95430
23
1.97359
2.03279
23
1.25716
1.40838
1.57690
1.76461
2.46472
3.07152
24
1.26973
1.42950
1.60844
1.80873
2.56330
3.22510
4.04893
6.34118
9.84973
24
25
1.28243
1.45095
1.64061
1.85394
2.09378
2.66584
3.38635
4.29187
6.84848
10.83471
25
1.67342-1.90029- 2-15659-2.77247--- 3:55567- 4.54938
2.22129
26
1.29526 1.47271-
7.39635
11.918-18
-26
4.82235
7.98806
8.62711
27
1.30821
1.49480
1.70689
1.94780
2.88337
3.73346
13.10999
27
28
1.32129
1.51722
1.74102
1.99650
2.28793
2.99870
3.92013
5.11169
14.42099
28
29
1.33450
1.53998
1.77584
2.04641
2.35657
3.11865
4.11614
5.41839
9.31727
15.86309
29
30
1.34785
1.56308
1.81136
2.09757
2.42726
3.24340
4.32194
5.74349
10.06266
17.44940
30
Interest Rate per Compounding Period
1%
2%
Period
1%
2%
3%
4%
5%
6%
8%
10%
Period
1
.99010
.98522
.98039
.97561
.97087
.96154
.95238
.94340
.92593
.90909
Quick TIP
.98030
.97066
.96117
.95181
.94260
.92456
.90703
.89000
.85734
.82645
2
Period refers to
3
.97059
.95632
.94232
.92860
.91514
.88900
.86384
.83962
.79383
.75131
3
the number of
4
.96098
.94218
.92385
.90595
.88849
.85480
.82270
.79209
.73503
.68301
4
compounding
periods.
.95147
.92826
.90573
.88385
.86261
.82193
.78353
.74726
.68058
.62092
6.
.94205
.91454
.88797
.86230
.83748
.79031
.74622
.70496
.63017
.56447
7
.93272
.90103
.87056
.84127
.81309
.75992
.71068
.66506
:58349
.51316
7
8
.92348
.88771
.85349
.82075
.78941
.73069
.67684
.62741
.54027
.46651
9.
.91434
.87459
.83676
.80073
.76642
.70259
.64461
.59190
.50025
.42410
9.
10
.90529
.86167
.82035
.78120
.74409
.67556
.61391
.55839
.46319
.38554
10
11
.89632
.84893
.80426
.76214
.72242
.64958
.58468
.52679
.42888
.35049
11
12
.88745
.83639
.78849
.74356
.70138
.62460
.55684
.49697
.39711
.31863
12
13
.87866
.82403
.77303
.72542
.68095
.60057
.52032
.46884
.36770
.28966
13
14
.86996
.81185
.75788
.70773
.66112
.57748
.50507
.44230
.34036
.26333
14
15
.86135
.79985
.74301
.69047
.64186
.55526
.48102
.41727
.31524
.23939
15
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Domestic
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,100 $348 FOB Shipping Point, 1/10, net 30 $700 (b) $3,800 $124 FOB Destination, 2/10, net 45 $800 a. $ b. $
Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Supplies…
On December 7, Smart Touch delivers equipment to a small retailer on consignment. The cost of the equipment was $1,460 and the combined retail selling price is $2,200. If the retail shop sells the equipment, Smart Touch will pay 20% commission. Both companies use a perpetual inventory method. Date Accounts Debit Credit
An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received on July 3 , how much should be paid on or before August 1?
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
BUS 038 : Business Computatns4. You buy goods on an invoice dated October 28, with terms of 2/20, n/45. What is the last day of the discount period?
None
Answer true or false for both statement.