You are shopping and see an item that is normally priced for $900 on sale for 45% off. However, you have a coupon for an additional 25% off. (The cashier will apply your coupon to the sale price, not the normal price.) What is the final cost of the item (before sales tax) after the sale and coupon discounts? Ans: The final cost is $

You are shopping and see an item that is normally priced for $900 on sale for 45% off. However, you have a coupon for an additional 25% off. (The cashier will apply your coupon to the sale price, not the normal price.) What is the final cost of the item (before sales tax) after the sale and coupon discounts? Ans: The final cost is $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Now look at an example on the Payee’s books: Nov 1: We sell our product on account $1000 terms net 30 days: Accounts Receivable 1000 Sales 1000 Dec 1: The customer is unable to pay so we request a promissory note since it is a stronger legal claim and we can earn interest. Suppose the note is a 6%, 90- day note. We are receiving a note on account. This means we are replacing the accounts receivable with a note receivable. Notes Receivable 1000 Accounts Receivable 1000 received a note on account Dec 31: Adjusting Entry. We must recognize the 30 days of interest since December 1. Simple interest is calculated Principal x Rate x Time = 1000 x .06 x 90/360 = $15. That is the interest for 90 days. Since we only want 30 days 30/90 x 15 = 5 Interest Receivable 5 Interest Revenue 5 Dec 31: Closing entry. Interest Revenue 5 Debit Income Summary 5 Credit The due date of the note is 90 days from December 1. We do not count December1 and we are assuming we are not going into a leap year.…
13) A customer with unpaid balance for merchandise of $210.00 from the previous month has been paying $75.00 a month. Bank credit terms are 1% interest per month on all unpaid balances and a minium interest charge of 50 cents. If the customer makes no new purchases and maintains the montly payment of $75 a month, calculate the total amount of finance charge that he will pay. Finance charge: ?
Hypothetically, Suppose that a monthly net income is $3,340. Your monthly debt payments include your student loan payment and a gas credit card. They total $1,002. What is your debt payments-to-income ratio? I do not know how to enter the answer as a percent rounded to the nearest whole number. please help
whats the answer to number 1?
2. You owe $2,000 on a credit card that charges 20% interest. You have $2,200 in your savings account that earns 1.69% interest. Your savings account charges $14.50 a month if you keep a balance of less than $1,500 a month. Compare the amount of interest for both to decide what you should do about paying the credit card bill. Consider all factors in the decision. Show your for any calculations you may completed. In a brief paragraph, justify your decision, including a description of all factors that would affect that decision.
whats the answer to number 2?
A supplier hands you an invoice for $47,000 with the terms 4/20, net 180. a. ) What is the effective annual cost (expressed as an APR) if you forgo the discount and pay after 180 days?b. )What is the effective annual cost (expressed as an APR) if you pay after 200 days?
A store offers two payment plans. Under the installment plan, you pay 25% down and 25% of the purchase price in each of the next 3 years. If you pay the entire bill immediately, you can get a discount of 12% on the purchase price. Assume the product sells for $100. a-1. Calculate the present value of the payments if you can borrow or lend funds at an interest rate of 9 percent. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a-2 Which is a better deal? b-1. Calculate the present value if the payments on the 4-year installment plan do not start for a full year. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b-2. Which is a better deal? a-1. PV of installment plan a-2. Which is a better deal? b-1. PV of installment plan b-2. Which is a better deal?
The current spot rate for USD/GBP is 1.058 1.086. If you were to buy £4,799,207 worth of dollars and then sell them five minutes later, how much would the dealer make on your transactions? I
27) can i please get help?
Select the items below that match the term: Credit terms of 2/10, n/30 A. the seller offers the purchaser a 2% cash discount regardless of when bill is paid B. the full amount is due in 30 days. C. the seller offers the purchaser a 2% cash discount if bill is paid within 30 days D. the seller offers the purchaser a 2% cash discount if bill is paid within 10 days Select all that apply.
Gupta & Grant Computer Supplies usually tries to take advantage of cash discounts even if it must borrow the money for a few days in order to pay the invoice in time. Compute the savings on Gupta & Grant's purchases and terms from the supplier. Use a 365-day year. Assume that the number of interest days is the time between the due date and the last date to take advantage of the cash discount. Interest Rate Days Amount Cash on of of Invoice Terms Discount Loan Interest Interest Savings $1,725 2/15, n/60 9.5% O 34.50; 45 days; $20.20; $14.30 $34.50; 60 days; $26.94; $7.56 O $34.50; 45 days; $19.80; $14.70 O $34.50; 60 days; $26.40; $8.10