The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transactionand debit card issuers are as follows:Credit cards: $0.20 per transaction + 3% of the amount chargedDebit cards: $0.30 per transaction + 1% of the amount chargedRead the requirements.Requirement 1. How much of the total sales revenue is expected to be paid in cash?The total sales revenue expected to be paid in cash is44,000Requirement 2. How many customer transactions does the company expect in January?In January, the number of transactions the company expects is11,000Requirement 3. How much of the total sales revenue is expected to be paid with credit cards?The total sales revenue expected to be paid with credit cards is $ 110,000Requirement 4. How many customer transactions will be paid for by customers using credit cards?The number of customer transactions paid for using credit cards is←

Number of customer transactions paid for using credit cards = Total sales revenue expected to be…

The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transaction and debit card issuers are as follows: Credit cards: $0.20 per transaction + 3% of the amount charged Debit cards: $0.30 per transaction + 1% of the amount charged Read the requirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? $ 44.000 The total sales revenue expected to be paid in cash is Requirement 2. How many customer transactions does the company expect in January? 11,000 In January, the number of transactions the company expects is Requirement 3. How much of the total sales revenue expected to be paid with credit cards? The total sales revenue expected to be paid with credit cards is $ 110,000 Requirement 4. How many customer transactions will be paid for by customers using credit cards? The number customer transactions paid for using credit cards is

The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transaction and debit card issuers are as follows: Credit cards: $0.20 per transaction + 3% of the amount charged Debit cards: $0.30 per transaction + 1% of the amount charged Read the requirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? $ 44.000 The total sales revenue expected to be paid in cash is Requirement 2. How many customer transactions does the company expect in January? 11,000 In January, the number of transactions the company expects is Requirement 3. How much of the total sales revenue expected to be paid with credit cards? The total sales revenue expected to be paid with credit cards is $ 110,000 Requirement 4. How many customer transactions will be paid for by customers using credit cards? The number customer transactions paid for using credit cards is

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EA: Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...

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The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows: Credit cards: $0.20 per transaction + 3% of the amount charged Debit cards: $0.30 per transaction + 1% of the amount charged Read the requirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? The total sales revenue expected to be paid in cash is Requirements 1. How much of the total sales revenue is expected to be paid in cash? 2. How many customer transactions does the company expect in January? 3. How much of the total sales revenue is expected to be paid with credit cards? 4. How many customer transactions will be paid for by customers using credit cards? 5. When budgeting for January's operating expenses, how much should the…
The Red Fusion, a local Thai restaurant, expects sales to be $770,000 in January. Its average customer restaurant bill is $55. Only 40% of the restaurant bills are paid with cash; 30% are paid with credit cards and 30% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows: Credit cards: $0.50 per transaction + 3% of the amount charged Debit cards: $0.40 per transaction + 2% of the amount charged Read the requirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? $ 308,000. The total sales revenue expected to be paid in cash is Requirement 2. How many customer transactions does the company expect in January? 14,000 (...) In January, the number of transactions the company expects is Requirement 3. How much of the total sales revenue is expected to be paid with credit cards? The total sales revenue expected to be paid with credit cards is $ 231,000 Requirement 4. How many customer transactions will be paid…
Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of 1/eom, n/45. Yeopay's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit. Of the cash sales, 40% pay cash and the remaining 60% pay with bank credit cards. Yeopay receives payments from the bank on credit card sales at the end of the day. However, Yeopay has to pay 3% for these services. An aging schedule for accounts receivable shows the following pattern on credit sales: 20% pay in the month of sale. 50% pay in the first month following the month of sale. 15% pay in the second month following the month of sale. 12% pay in the third month following the month of sale. 3% are never collected. All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 5% monthly late charge. Yeopay has prepared the following sales forecasts: June July August $ 78,000 116,000…
Kantorovich Company normally takes 25 days to pay for its average daily credit purchases of $1,900. It has average daily sales of $2,900, and collects accounts in 20 days. What is its net credit position? Multiple Choice O $10,500 O $11,500 ($12,500) O ($10,500)
A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,462.41. The company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill. (a) What is 4.5% of the credit card bill? (Round your answer to the nearest cent.) (b) What is the minimum monthly payment for May? (Round your answer to the nearest cent.)
Restaurants do a large volume of business by credit and debit cards. Suppose Cityside Collection restaurant had these transactions on January 28, 2016: National Express credit card sales $ 9,600 ValueCard debit card sales. 6,000 Requirements 1. Suppose Cityside Collection's processor charges a 4% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Cityside Collection's processor charges a 4% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. Requirement 1. Suppose Cityside Collection's processor charges a 4% 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. Accounts and Explanation Now journalize the debit card sales net of the fee. Accounts and Explanation Debit Debit Credit Credit
Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card.Andrews pays a 4% fee with both cards. United Merchants makes an electronic funds transfer three days after the sales are transmitted.Use the Transaction Analysis Template to record the following:a. Sales for September 10 were as follows: Cash and checks $2,680 Great American Bank Card 1,000 United Merchants Card 600 $4,280 If the transaction affects the same Balance Sheet category, enter the larger amount in the first row and the smaller amount directly below (in the second row). Balance Sheet Income Statement Stockholders' Assets = Liabilities + Equity Revenues - Expenses = Net Income Answer Answer Answer Answer Answer Answer Answer Answer…
Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
Bob's Product Company takes 20 days to convert its raw materials to finished goods, 15 days to sell it, and 25 days to collect its credit sales. What is the company’s days receivable period? Group of answer choices 60 35 25 10 15 A bank letter of credit, sometimes called a standby letter of credit, is a written promise by a bank that it will make a payment on behalf of the customer. This is different than a line of credit, which is a akin to a credit card….a line of credit allows the company to borrow funds as needed to pay any bills. A LETTER of credit is specific to the party that the company might owe money to. Group of answer choices True False
If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.
The College Store accepts MasterCard for payments of purchases made by students. The credit card drafts are deposited directly in a bank account. MasterCard charges a 1.55% collection fee. Credit card drafts totalling $10,000 are deposited during August. What increases when recording the sales and deposits? accounts receivable by $9,854 service charge expense by $155 sales by $ 9,854 cash by $10,000
On March 1, Bates Board Shop sells 351 surfboards to a local lifeguard station at a sales price of $303 per board. The cost to Bates is $158 per board. The terms of the sale are 5/15, n/30, with an invoice date of March 1. If the customer made the payment on March 20, how much cash did Bates Board Shop receive? Round to the nearest penny, two decimal places.