User Account

All Pages

How much will be reported for the sales discount forfeited

Assignment Help Accounting Basics
Reference no: EM132959021

Question - Following are information related to Accounts Receivable.

a) The company records sales and receivables at net, with terms (3/10, n/30).

b) Actual sales returns amounted to 35,000 for the year. The company estimated that 3% of the recorded sales will be returned.

c) The quarterly Sales at invoice price as follows:

January- March 1,500,000.00

April- June 750,000.00

July- September 1,200,000.00

October- December 1,950,000.00

d) Of the last quarter sales above 220,000 is still outstanding and within the discount period, 198,000 of which already made payments. The company's existence is that 95% of gross sales avail of their cash discounts. This rate has been consistently observed by the company.

e) There are no past due accounts from January to November

How much will be reported for the following as of December 31, 2020:

1) Net Sales

2) Sales Discount Forfeited

3) Sales Returns

4) Net Realizable Value of Accounts Receivable

Reference no: EM132959021

Questions Cloud

How would dairy processors and farmer-owned plants affected : How would dairy processors and farmer-owned plants be affected in their performance and costs going up against giant retailers
Prepare correcting journal entries for rent revenue : Prepare Correcting Journal Entries for rent revenue of $350 received in advance was recorded as debit to accounts receivable and a credit to rent revenue.
Investigate potential ethical outcomes for the proposal : Tom & Jerry Ltd also generated increased revenue and profit during 2020. Investigate potential ethical outcomes for the proposal
What is the effective annual cost of trade credit : Question - Pets Store Inc. sells on terms of 2/15, net 65. What is the effective annual cost of trade credit under these terms? Use a 365-day year
How much will be reported for the sales discount forfeited : Of the last quarter sales above 220,000 is still outstanding and within the discount period, How much will be reported for the Sales Discount Forfeited
Analysis of the strategic ihrm framework in mnes outside : Academic research and critical Analysis of the Strategic IHRM framework in MNEs outside North America. Choose at least 3 countries.
What is the amount of cash flows from investing activities : A company reports operating cash flows of $0.50 billion, financing cash flows of $0.32 billion, What is the amount of cash flows from investing activities
Families for new overseas assignment : How can we prepare expatriates and their families for new overseas assignment? Do you think pre-departure training can prevent culture shock? Elaborate with exa
Disruption in business due to a pandemic : How can HR improve on the strategic plan to cover staff availability after a disruption in business due to a pandemic?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd