User Account

All Pages

What was the list price of the item

Assignment Help Accounting Basics
Reference no: EM132640718

Questions -

Q1) Jim Havey receives an invoice amounting to $2916 with a cash discount term of 3/10,n/30, and dated June 7. If a partial payment of $1,666 is made on June 15, find the credit given for the partial payment and the balance due on the invoice.

Q2) An invoice of RM5,000 dated August 23 2019 is offered a 12% cash discount and cash discount terms of 4/10, n/30. Find the

(a) Trade discount offered

(b) Cash discount offered

(c) Net payment if the invoice is paid on 2 September 2019

Q3) A retailer receives an invoice dated 21 February 2019 worth of RM4,350 of goods that included a prepaid freight cost of RM30. The invoice was offered trade discounts of 8% and 5% and cash discount terms of 4/15,2/20,n/30.

(a) Find the last date to settle the invoice.

(b) Assume the retailer paid RM400 on 7 March 2019 and the balance on 14 March 2019. Find the amount of the balance that was paid.

Q4) An invoice of RM2,500 dated 20 February 2019 has cash discount terms of 5/10,n/30.

(a) What is the last day to pay in order to receive the 5% cash discount?.

(b) Find the net payment if the invoice was settled on 1 March 2019.

Q5) A company received an invoice dated 25 January 2020 for the purchase of an item. The invoice offered a trade discount of 20% and cash discount terms of 2/15, n/30. On 2 February 2020, the company paid RM1190 including transport cost of RM14 to settle the invoice. What was the list price of the item?

Reference no: EM132640718

Questions Cloud

Explain smoky mountain corporation makes two types : Smoky mountain Corporation makes two types of hiking boots the extreme in the Pathfinder data concerning these two product lines. Explain in detail.
What are unfair labor practices : What are unfair labor practices? Who determines what behavior is unfair?
Describe performance management : Describe performance management, the performance appraisal, and the performance appraisal process.
When is mediation necessary : When is mediation necessary? When is arbitration appropriate? How can management avoid arbitration?
What was the list price of the item : On 2 February 2020, the company paid RM1190 including transport cost of RM14 to settle the invoice. What was the list price of the item
Evaluating the internal environment of a company : Please list and define (including the calculation formula and interpretation) some financial ratios that may be included in the financial analysis in evaluating
Prepare cost of good manufacture schedule for clarkson co : Prepare a cost of goods manufactured schedule. Raw Materials Inventory 7/1/19 ,$51,600. Raw Materials Inventory 6/30/20,45,500
What are some of things that you find unpleasant : What are some of the things that you find unpleasant? Give examples that support your ideas for each statement.
Find net income reported by johnny car repair shop : During the year business recorded 100000 in car repair revenues,55000 in expenses and dividends of 10000, find net income reported by Johnny car repair shop

Reviews

Write a Review

Accounting Basics Questions & Answers

  All of the following are correct statements about the

all of the following are correct statements about the cost-based transfer price approach except that it can understate

  Determining the income tax payable

The estimated litigation expense of $1,000,000 will be deductible in 2011 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all ..

  The prior service cost by the straight line method

On January 1, 2010, the Smith Company adopted a defined benefit pension plan. At that time, the company awarded retroactive benefits to its employees, resulting in a prior service cost that created a projected benefit obligation of $1,250,000 on that..

  Weighted-average process costing to account

Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process.

  What is the cost of issuing the preferred shares

Flower Inc. is issuing preferred shares to raise capital. Each preferred share will be issued with a par value of $200 and a cumulative dividend of $18. What is the cost of issuing the preferred shares

  Partnerships journal entry to record morriss investment

Which value of the land is appropriate for measuring Morris's capital-book value or current market value and give the partnership's journal entry to record Morris's investment in the business.

  Would outsourcing the payroll function increase or decrease

Would outsourcing the payroll function increase or decrease Duck Associates' operating income?  how should each of the factors affect Tan's decision if she wants to do what is best for Duck Associates and act ethically?

  Compute the budgeted rate per unit of cost driver

Walters and Witt uses activity-based costing to determine the cost of its cases. Compute the budgeted rate per unit of cost driver for each cost pool

  What is the company npv for halpern inc

$2 million and generate a cash flow of $560,000 at the end of each of the next 5 years. The project's cost of capital is 12%. What is the company's NPV?

  What are the best-case and worst-case npv

Suppose you feel that the values are accurate to within only ±10 percent. What are the best-case and worst-case NPVs

  A company had the following purchases during the current

a company had the following purchases during the current year march 9 units at 130 april 11 units at 100 july 13 units

  Explain essential skill that would make candidate successful

Explore one researched accounting position, and explain the essential skills that would make a candidate successful in the position.

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