Reference no: EM132577683
Question 1: A business purchased merchandise for $15,000 on account; terms are 2/10, n/30. If $2,600 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be?
Question 2: ABC Inc. sells socks. During January 2016, its inventory records for one brand of its socks were as follows:
Quantity Price per pair
Beginning Inventory 10 pairs $20 = $200
January 6 Purchase 4 pair $25 = $100
January 10 Sale 5 pair N/A
January 15 Purchase 7 pairs $30 = $210
January 20 Sale 10 pairs N/A
January 25 Purchase 4 pairs $30 = $120
See information above. Using this information, the cost of goods sold using the periodic average cost method is?
Question 3: Based on the information below and considering that this company paid $322,500 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015?
1/1/2015 12/31/2015
Inventory. $23,400 $34,560
Accounts payable $354,000 $223,000
Question 4: ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note. Last year, ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was total assets on ABC's balance sheet at the end of the year last year?
Question 5: You have purchased 100 units of product X, which has a list price of $13.60 per unit. Because you are a wholesaler, you are granted a trade discount of 19.3%. The cash discount terms are 2/6, n/45. How much will you pay in total for product X assuming that you pay for the product within 4 days of purchase?
Question 6: On December 31, 2015, Sveva Inc. has total liabilities of $252,000 and total equity of $420,000. The company needs to raise additional funds through debt and equity. The company will issue 40,000 shares of common stock at $4.50 per share and in addition it intends to borrow as much as it can from Bank of Switzerville. Bank of Switzerville requires a maximum debt-to-asset ratio of 0.75.
What is the maximum additional amount that Sveva can borrow after the additional stock is issued?
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