Bundle: College Accounting: A Career Approach, Loose-leaf Version, 13th + Quickbooks Online + Working Papers With Study Guide
13th Edition
ISBN: 9781337800594
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 12A, Problem 4P
To determine
Prepare statement of
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Fairview Clinic buys $620,000 in medical supplies each year (at gross prices) from its major supplier, Consolidated Supplies, which offers the clinic terms of 6/10, net 30. What is Fairview Clinic's costly trade credit? (365 days in a year) A. $13,194 B. $39,583 C. $32,986 D. $26,389 E. $22,431
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Bundle: College Accounting: A Career Approach, Loose-leaf Version, 13th + Quickbooks Online + Working Papers With Study Guide
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- What is the effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days in a year for your calculations. Round your answers to two decimal places. Do not round intermediate calculations. Provide answerarrow_forwardNonearrow_forwardWhat is the effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days in a year for your calculations. Round your answers to two decimal places. Do not round intermediate calculations.arrow_forward
- provide correct answer General accountingarrow_forwardPrecilla Company uses a standard costing system that allows 2 pounds of direct materials for one finished unit. During July, the company purchased 40,000 pounds of direct materials for $210,000 and manufactured 12,000 finished units. The standard direct materials cost allowed for the units manufactured is $120,000. The performance report shows that Pricilla has an unfavorable direct materials usage variance of $5,000. Also, the company records any price variance for materials at time of purchase. The number of pounds of direct materials used to produce July's output was: a. 12,000 pounds b. 20,000 pounds c. 24,000 pounds d. 25,000 pounds e. 40,000 poundsarrow_forwardAnsarrow_forward
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