What is the amount of cash required for the payment

Assignment Help Cost Accounting
Reference no: EM13548716

Purchases transactions

Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit.

1. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?

2. What account is debited by Hoffman Company to record the return?

Reference no: EM13548716

Questions Cloud

What is the approximate effective annual interest rate : find that the interest charge of $17,000 (or .136*$50000*2.5 years) is added to the $50000 for a total amount of 67000. The payments are $2233.33 a month. What is the approximate effective annual interest rate?
Explain what is the vapor pressure of ethanol at 14 c : Ethanol has a heat of vaporization of 38.56 kj/mol and a normal boiling point of 78.4 C. What is the vapor pressure of ethanol at 14 C
What is the fundamental frequency of the string : Waves of amplitude 2.4 cm move along a 2-m string that has a mass of 5 g and a tension of 160 N. What is the power transmitted along the string when it vibrates in its fundamental mode? What is the fundamental frequency of the string?
Estimate the maximum altitude reached by the rocket : A rocket is launched at an angle of 52.0° above the horizontal with an initial speed of 96 m/s. Find the maximum altitude reached by the rocket
What is the amount of cash required for the payment : What is the amount of cash required for the payment and what account is debited by Hoffman Company to record the return?
What are respectively period and frequency of this vibration : A particle is executing simple harmonic motion with an agular frequency w=27.8Hz. What are respectively the period and frequency of this vibration?
Determine what is the diameter of the ring : A wedding ring is tossed into the air and given a spin, resulting in an angular velocity of 19.3 rotations per second, what is the diameter of the ring
Prepare the correct journal entry for the transaction : Prepare a correct trial balance. Note that the chart of accounts includes the following: Dividends, and Supplies. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.)
What is the frequency of its third harmonic : A string 2.0 m long has a mass of 2.4 x 10-2 kg. When fixed at both ends, it vibrates with a fundamental frequency 150 Hz. What is the speed of the wave on this wire? What is the frequency of its third harmonic?

Reviews

Write a Review

Cost Accounting Questions & Answers

  Compute a plantwide predetermined oh rate

Roddickton Manufacturing Co. has gathered the following information to develop predetermined OH rates for 2013. The company produces a wide variety of energy-saving products that are processed through two departments, Assembly (automated) and Fini..

  On 1 july 2010 cherry ltd acquired an item of plant for

on 1 july 2010 cherry ltd acquired an item of plant for 31864. on the same date cherry ltd entered into a lease

  At what value should the company capitalize the building

Would your answer change if the bid from the outside contractor had been $80,000? $60,000?

  Prepare the standard cost sheet for the company

Prepare the standard cost sheet for the company and compute the direct material price variance, assuming the material price variance is the responsibility of the company's purchasing agent.

  Part athe last few years have been difficult economically

part athe last few years have been difficult economically but the owners of johnsons pl a medium-sized manufacturer of

  Schieble corporation provide detachable 5-year warrants to

schieble corporation provide detachable 5-year warrants to buy one share of common stock par value 2 at 30 at a time

  Describe the cash flow statements

Explain through a real world example of how accounting and budgeting information can contribute to, and support , effective strategic decision making.

  How to identify the income statement accounts

PE 2 In January 2012, the management of Sarah Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 1,200 shares of..

  1 harley davis inc started its unicycle manufacturing

1. harley davis inc. started its unicycle manufacturing business in 2009 and acquired 600000 of equipment at the

  Construct a partial income statement

Construct a partial income statement beginning with income from continuing operations - Discontinued operations.

  Find return-on-assets ratio and net-profit-margin ratio

LONE PINE COMPANY Statement of Income and Retained Earnings For the Year Ending December 31,20X2 ($000 Omitted) Net Sales* $36,000 Less: Cost of Goods Sold $20,000 Selling Expense 6,000 Administrative Expense 4,000 Interest Expense 400

  Critically explain cost accounting as

critically explain cost accounting as 1. a service activity 2. a descriptive/analytical discipline 3. an information system

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!

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