User Account

All Pages

What amount should colors remit to rainbow

Assignment Help Financial Accounting
Reference no: EM132836926

Problem 1: On May 9, 2020, RAINBOW Corporation sold merchandise with a list price of ?150,000 to COLORS on account. RAINBOW allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made FOB Shipping point. RAINBOW prepaid ?6,000 of delivery costs for COLORS as an accommodation. What amount should COLORS remit to RAINBOW as full payment on May 24, 2020?

a. ? 88,200
b. ? 94,200
c. ? 82,320
d. ? 88,320

Reference no: EM132836926

Questions Cloud

What is total cash received from financing for snickers co : Amount of accounts receivables factored and withheld 10% of the amount factored. What is the total cash received from the financing of receivables?
What is the production volume variance : What is the production volume variance, assuming that the allocation base for fixed overhead costs is the number of units expected to be produced
Assignment on channels of distribution : Historically, about 90% of the tickets sold by airlines have been processed through third-party retailers who are awarded a commission of about 10% of the ticke
How does scale of a sculpture affect how we respond to it : How does the scale of a sculpture affect how we respond to it? Does a large sculpture seem more important than a small one? Nonrepresentational sculpture.
What amount should colors remit to rainbow : RAINBOW prepaid ?6,000 of delivery costs for COLORS as an accommodation. What amount should COLORS remit to RAINBOW as full payment on May 24, 2020?
Prepare a simplified balance sheet : On May 31, it paid $900 cash dividends to Murphy. How to Prepare a simplified balance sheet, income statement and statement of cash flows from the Trial Balance
Define how you will differentiate your lessons to meet needs : Collaborate with your cooperating teacher/mentor to design a unit of instruction that aligns to state content standards. Include technology integration.
What the doubtful accounts expense is : The beginning balance of accounts receivable. The allowance for doubtful accounts is estimated at 1% of accounts receivable. The doubtful accounts expense is?
What amount should violet report as allowance : Credit sales for 2020 was ?4,500,000. What amount should VIOLET report as allowance for uncollectible accounts on December 31?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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