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XYZ Inc. sells on terms of 2/10, net 30. Total sales for the year are $1,000,000. Consider that 30 percent of the customers take discounts and pay on the 10th day, while the other 70 percent pay, on average, 45 days after their purchases. 1. What is the days' sale outstanding? 2. Determine the average amount of receivables. 3. For the customers who take the discount, what is the percentage cost of trade credit? 4. For the customers who do not take the discount and pay in 45 days, what is the percentage cost of trade credit? 5. What would happen to XYZ's accounts receivable if it created a new collection policy that required all non-discount customers to pay on the 30th day?
Sarah and John see a picture in the window with price tag of $1000.00. They go to the bank and take $1000.00 out.
Explain what is meant by the term "participative budgeting" and how the term relates to the current situation and How would you recommend the Mr. Sparks change the budgeting procedures to gain more support from department managers
Victory Company purchases office equipment at the beginning of the year at a cost of $15,000. The machine's useful life is estimated to be 7 years with a $1,000 salvage value. The journal entry to record the first year depreciation is:
During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What was the income tax expense for 2010?
What is the standard quantity of material and the standard labor time for Septembers production and compute the direct material and direct labor variances - how might the sales and production managers explain the direct material variances?
In addition to the standard data hierarchy, an Interactive Analytics database contains: Lookup tables Tables containing data related to queries) Tables for storing custom data Each table has multiple records - entries into the table itself. Can you p..
Cynthia’s Service Merchandise charges sales tax to all sales made in: The money that your customers owe to the business is known as: Use the following Navigation Bar options to record entries in the Cash Receipts Journal: The owner(s) of Cynthia’s Se..
Explain how property taxes are treated differently in the governmental funds statements as opposed to the governmental wide statements? Do you agree with this solution? Why or why not?
since smith manufacturing is only in its second year of operations management is unusual with the process of issuing an
Eli Goldratt advocates that all manufacturing costs other than materials be treated as operating expenses for the period. Evaluate Goldratt's proposal. Note: Regarding 2a) you want to calculate total expenses under absorption costing and under Goldra..
Tandem Industries purchased a patent on January 1, 2014, for $2,000,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, 2014, the company paid..
The Foggy Daze Company sells a one size fits all rain poncho for $11.50. A Varaible cost per unit is $3.50 and total fixed costs are $572,200. The corporate tax rate is 20% and the company wants to earn an after-tax profit of $240,000. How many units..
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