Option D is the answer | |
All the given options describe the reasons for accepting a credit card from the customers. Comment if you face any issues Thank you |
Assessment 1: Which of the following is a cost of selling merchandise... Which of the following...
LIT UT the following is not an advantage... Which of the following is not an advantage of accepting credit cards from retail customers? Multiple Choice There are fees charged for the privilege of accepting credit cards. The acceptance of credit cards tends to increase sales. The credit card company performs credit worthiness assessments. The credit card company assumes the cost of slow collections and write-ons
Price Corp. is considering selling to a group of new customers and creating new annual sales of $120,000.3% will be uncollectible. The collection cost on all accounts is 3% of new sales, the cost of producing and selling is 76% of sales, and the firm is in the 18% tax bracket. What is the profit on new sales? Multiple Choice Ο Ο Ο Ο
4. Following information is available for a merchandising company. Total merchandise cost (total merchandise purchases): 30,000,000 TL. Merchandise stay in inventory for 20 days (average days in merchandise inventory is 20 days) 30 % of the customers pay cash directly, 70 % of the customers pay by credit card. Average collection period for credit card receivables is 35 days. 10% of the merchandise costs are paid 30 days in advance (30 days before receiving the merchandise) Calculate this merchandising company's...
Which of the following is a selling expense? O cost of merchandise sold O depreciation on sales equipment O depreciation on office equipment O interest expense
Which of the following accounts will not be found in the Cost of Merchandise Sold section of the income statement for a company using the periodic inventory method? a. Purchases b. Freight-In c. Selling Expense d. Merchandise Inventory
Grandview, Inc. uses the allowance method. At December 31, 2018, the company's balance sheet reports Accounts Receivable, Net in the amount of $19,000. On January 2, 2019, Grandview writes off a $1,900 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? 1 Multiple Choice $20.900. 0 O $17,100. 0 0 $19,000 0 $1,900 $1,900 0 Kelton Inc. reported net credit sales of $320,000 for the...
Pebble Beach Co. buys a plece of equipment for $60,000. The equipment has a useful life of six years. No residual value is expected at the end of the useful life. Using the double-declining-balance method, what is the company's depreciation expense in the first year of the equipment's useful life? (Do not round Intermediate calculations.) Multiple Choice Ο $20.000 Ο Ο S15.000 $15.000 Ο $10,000 Ο Ο S30000 A piece of equipment was acquired on January 1, 2018, at a...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 20,000 46,000 15,000 1,500 28,500 50,000 35,000 33,100 $152,300 Totals $152,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within...
sheryl sandberg and mark zuckerberg of facebook are introduced in the chapter opening feature. assume that they are considering two option. PLAN A Facebook would begin selling acmes to a premium version of its website .the new online customers would use the credit cards. the company has the capability of selling the premium device with no additional investment in hardware or software. annual credit sales are expected to increase by $ 250,000. Cost associated with plan A: Additional wages related...
On October 5, Monty Corporation buys merchandise for resale on account from Grouper Corporation. The selling price of the goods is $4,570, and the cost to Grouper Company is $2,730. On October 8, Monty returns defective goods with a selling price of $680 and a cost of $250. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $250, if not more. Both companies use a...