Next QuestionFind the total amount of the credit-card sales on the record for the date 09/24/10.24/10SalesRefunds$72.29$488.57The total of the credit-card sales for 09/24/10 is $$72.37$91.62$180.47$184.67$52.32$91.41$75.09$291.95$135.36$126.67$258.07

Sales revenue refers to the income received through firm from its goods sale or from provision of…

Answered: total amount of the credit-card sales…

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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Q6. Pujols Lumber Yard has a current accounts receivable balance of $394,539. Credit sales for the year just ended were $6,236,838. How long did it take on average for credit customers to pay off their accounts during the past year? (Enter the answer with 2 decimal places (e.g. 23.45)
H5.
Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500 5% 60 days 16 R. Hillier 12/3/-- 4,800 6 90 28 B. Miranda 11/30/-- 3,200 8 90 31 R. Hansen 11/18/-- 7,300 7 120 43 Required: Question Content Area 1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a. 7.59% Ob. 7.08% Oc. 5.84% Od. 3.84%
11. Please answer which is best for
Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. 1. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12%. 2. A $10,000, 12%, 60-day note sold after 30 days at 14%. 3. A $6,000, 10%, 90-day note sold after 30 days at 12%. 4. A $16,000, 12%, 120-day note sold after 45 days at 15%. Required: Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.) Do not round intermediate calculations. When required, round your final answers to the nearest dollar. If an amount is zero, enter "0". Note 1 Note 2 Note 3 Note 4 Face Value of Note Interest to Maturity Maturity Value Discount Proceeds
Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51
Next Question Find the credit-card sales less refunds for the Sales/Refund record for 09/24/10. 24/10 Sales Refunds ..... $71.86 $451.59 The credit-card sales less refunds for 09/24/10 is $ $76.53 $85.04 $149.72 $115.02 $81.45 $88.49 $30.75 $111.02 $229.23 $254.84 $162.81
Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6. 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year. Round your intermediate calculations and final answer to the nearest cent. $1 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 2 2 3
M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns L06-1 Total gross sales for the period include the following: Credit card sales (discount 34) Sales on account (2/15, n/60) $10,000 $10,200 Sales returns related to sales on account were $250. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. $ 19,950.00 Net sales
Assuming a 360-day year, proceeds of $45,552 were received from discounting a $46,830, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was а. 12.16% b. 12.67% C. 8.92% Od. 10.92%

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total amount of the credit-card sales on the record for the date 09/24/10. 4/10 ...... Sales Refunds al of the credit-card sales for 09/24/10 is $ $72.37 $72.29 $91.62 $180.47 $488.57 $184.67 $52.32 $91.41 $75.09 $126.67 $291.95 $258.07 $135.36