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10. Cost of trade credit Firms usually offer their customers some form of trade credit. This...
4. Cost of trade credit Firms usually offer their customers some form of trade credit. This...
4. Cost of trade credit Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which will affect the actual cost of asset being sold for the buyer and the seller. Consider this case: Green Moose Industries buys most of its raw materials from a single supplier. This supplier sells to Green Moose on terms of 1/10, net 30. (Note: Round all intermediate calculations to four decimal places, The cost per period...
4. Cost of trade credit Aa Aa Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which will affect the actual cost of asset being sold f...
4. Cost of trade credit Aa Aa Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which will affect the actual cost of asset being sold for the buyer and the seller. Consider this case: Cold Duck Manufacturing Inc. buys most of its raw materials from a single supplier. This supplier sells to Cold Duck on terms of 2/15, net 60. The cost per period of the trade credit extended to...
A firm purchases $4,562,500 in goods over a 1-year period from its sole supplier. The supplier...
A firm purchases $4,562,500 in goods over a 1-year period from its sole supplier. The supplier offers trade credit under the following terms: 2/15, net 50 days. Davis finally chooses to pay on time (pay in the 50th day) but not to take the discount. We assume 365 days per year. What is the average level of the company’s free trade credit? $187,500 Based on the information from Question 31, what is the effective annual cost of the firm’s costly...
Cost of Trade Credit Grunewald Industries sells on terms of 1/10, net 40. Gross sales last...
Cost of Trade Credit Grunewald Industries sells on terms of 1/10, net 40. Gross sales last year were $4,599,000 and accounts receivable averaged $495,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations....
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
McEwan Industries sells on terms of 3/10, net 25. Total sales for the year are $812,000; 40% of the customers pay on the...
McEwan Industries sells on terms of 3/10, net 25. Total sales for the year are $812,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 78 days after their purchases. Assume 365 days in year for your calculations. What is the days sales outstanding? Round your answer to two decimal places. What is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate calculations....
McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,973,500; 40% of the customers pay on t...
McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,973,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 72 days after their purchases. Assume 365 days in year for your calculations. What is the days sales outstanding? Round your answer to two decimal places. days What is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate...
please show all working Q1. Cash Budget Exercise: Below are some important figures from the budget...
please show all working
Q1. Cash Budget Exercise: Below are some important figures from the budget of the Sundays Limited for the next three months. Apr Mar $160,000 68,000 $140,000 64,000 May $192,000 80,000 Credit sales Credit purchases Cash disbursements: Wages, taxes, and expenses Interest Equipment purchases 7,000 8,000 3,000 50,000 3,000 8,400 3,000 4,000 The company predicts that 10% of its sales will never be collected. 50% of its sales will be collected in the month of the sale:...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
4. Cost of trade credit Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which will affect the actual cost of asset being sold for the buyer and the seller. Consider this case: Green Moose Industries buys most of its raw materials from a single supplier. This supplier sells to Green Moose on terms of 1/10, net 30. (Note: Round all intermediate calculations to four decimal places, The cost per period...
4. Cost of trade credit Aa Aa Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which will affect the actual cost of asset being sold for the buyer and the seller. Consider this case: Cold Duck Manufacturing Inc. buys most of its raw materials from a single supplier. This supplier sells to Cold Duck on terms of 2/15, net 60. The cost per period of the trade credit extended to...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
please show all working
Q1. Cash Budget Exercise: Below are some important figures from the budget of the Sundays Limited for the next three months. Apr Mar $160,000 68,000 $140,000 64,000 May $192,000 80,000 Credit sales Credit purchases Cash disbursements: Wages, taxes, and expenses Interest Equipment purchases 7,000 8,000 3,000 50,000 3,000 8,400 3,000 4,000 The company predicts that 10% of its sales will never be collected. 50% of its sales will be collected in the month of the sale:...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
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