Ryan Furniture wants to buy new office equipment for $8,000 with a 5% cash discount. Ryan...
Ryan Furniture wants to buy new office equipment for $8,000 with a 5% cash discount. Ryan needs more cash to pay the bill and is considering discounting a 130-day note dated May 4 with a maturity value of $7,000 at Security Bank at a discount rate of 9% on July 8. Should Ryan discount the note?
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Ryan Furniture wants to buy new office equipment for $8,000 with
a 5% cash discount. Ryan...
2) Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9 %. The date of the loan was October 10. Marcia hop...
2) Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9 %. The date of the loan was October 10. Marcia hoped to repay the loan by February 10. Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? 3) Mike French borrowed $9,000 at 9% for 85 days. Calculate Mike's proceeds from this simple discount...
6. During the year 2015, the Ramp Equipment Co, made sales to customers totaling $100.000 that...
6. During the year 2015, the Ramp Equipment Co, made sales to customers totaling $100.000 that were subject to sales taxes of $8,000. Net cash collections totaled $92.000. Discounts of $3,000 were allowed. During the year 2015, uncollectible accounts in the sum of $2,000 were written off the books. The net change in accounts receivable during the year 2015 was A. $10,500 B. $11,000 $11,000 C. $13,000 C. $13,000 D. $13,500 7. The Grable Co. received a $6,000, 8%, 60-day...
a. Placed an order for office supplies costing $2,200. Supplier intends to deliver later in the...
a. Placed an order for office supplies costing $2,200. Supplier intends to deliver later in the month. b. Purchased equipment that cost $27,000; paid $12,000 cash and signed a promissory note to pay $15,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $6,000 cash in the company's checking account d. Hired a new finance manager on the last day of the month. e. Received an investment of $15,000 cash from the company's owners in...
Rooney's Sporting Equipment sells equipment and is owned and operated by Wayne Rooney. The following trial...
Rooney's Sporting Equipment sells equipment and is owned and operated by Wayne Rooney. The following trial balance has been prepared at year's end. ROONEY'S SPORTING EQUIPMENT-TRIAL BALANCE AS AT 30 JUNE 2018 Debit (S Credit (S Cash Accounts Receivable Inventory (1 July 2017) Prepaid Insurance Supplies Furniture Accumulated Depreciation - Fumiture 10 400 45 600 43 000 5 400 310 12 000 5 880 23 000 Accumulated Depreciation Equipment Accounts Payable Capital (1 July 2017) Drawings Sales Sales Retums &...
July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance...
July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance for a one-year lease on an office. July 2 Borrowed $18,000 from National Bank by signing a two-year note with interest at 9% per year. The principal and interest will be repaid on July 1, 2021. July 3 Paid $14,400 cash for office equipment with a useful life of 5 years and no salvage value. July 4 Paid $300 cash for a one-year insurance...
Oct. S. Rey invested $52,000 cash, a $23,000 computer system, and $8,000 of office equipment in...
Oct. S. Rey invested $52,000 cash, a $23,000 computer system, and $8,000 of office equipment in the company. 2 The company paid $3,280 cash for four months' rent. (Hint: Debit Prepaid Rent for $3,280.) 3 The company purchased $1,390 of computer supplies on credit from Harris Office Products 5 The company paid $1,800 cash for one year's premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $1,800.) 6 The company billed Easy Leasing $5,400 for services...
a.Venedict invested $82,000 cash along with office equipment valued at $22,000 new business named HV Consulting...
a.Venedict invested $82,000 cash along with office equipment valued
at $22,000 new business named HV Consulting in exchange for common
stock. b. The company purchased land valued at $35,000 and a
building valued at $ 160,000. The purchase is paid with $25,000
cash and a long-term note payable for $170,000 c. The comparty
purchased $1700 of office supplies on credit d Venedict invested
her personal automobile in the company in exchange for more common
stock. The automobile has a value...
On March 1, 2014, Newton Company purchased land for an office site by paying $1,800,000 cash. New...
On March 1, 2014, Newton Company purchased land for an office site by paying $1,800,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2014 $ 1,200,000 April 1, 2014 1,680,000 May 1, 2014 3,000,000 June 1, 2014 4,800,000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2,400,000 was borrowed on March 1, 2014 on...
Description of transaction June 1: Hudson Bloom invested $207,495.00 cash and computer equipment with a fa...
Description of transaction June 1: Hudson Bloom invested $207,495.00 cash and computer equipment with a fair market value of $44,660.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $1,015.00 from Office Express. The invoice number was 87417. June 1: Check # 5001 was used to purchased computer equipment costing $12,180.00 from Aaron Reed. The invoice number was 20117. June 2: Check # 5002 was used to make a down...
Description of transaction 01. June 1: Hudson Bloom invested $164,684.00 cash and computer equipment with a...
Description of transaction 01. June 1: Hudson Bloom invested $164,684.00 cash and computer equipment with a fair market value of $40,560.00 in his new business, Byte of Accounting. 02. June 1: Check # 5000 was used to purchased office equipment costing $1,144.00 from Office Express. The invoice number was 87417. 03. June 1: Check # 5001 was used to purchased computer equipment costing $12,480.00 from Taylor Jones. The invoice number was 20117. 04. June 2: Check # 5002 was used...
2) Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9 %. The date of the loan was October 10. Marcia hoped to repay the loan by February 10. Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? 3) Mike French borrowed $9,000 at 9% for 85 days. Calculate Mike's proceeds from this simple discount...
6. During the year 2015, the Ramp Equipment Co, made sales to customers totaling $100.000 that were subject to sales taxes of $8,000. Net cash collections totaled $92.000. Discounts of $3,000 were allowed. During the year 2015, uncollectible accounts in the sum of $2,000 were written off the books. The net change in accounts receivable during the year 2015 was A. $10,500 B. $11,000 $11,000 C. $13,000 C. $13,000 D. $13,500 7. The Grable Co. received a $6,000, 8%, 60-day...
a. Placed an order for office supplies costing $2,200. Supplier intends to deliver later in the month. b. Purchased equipment that cost $27,000; paid $12,000 cash and signed a promissory note to pay $15,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $6,000 cash in the company's checking account d. Hired a new finance manager on the last day of the month. e. Received an investment of $15,000 cash from the company's owners in...
Rooney's Sporting Equipment sells equipment and is owned and operated by Wayne Rooney. The following trial balance has been prepared at year's end. ROONEY'S SPORTING EQUIPMENT-TRIAL BALANCE AS AT 30 JUNE 2018 Debit (S Credit (S Cash Accounts Receivable Inventory (1 July 2017) Prepaid Insurance Supplies Furniture Accumulated Depreciation - Fumiture 10 400 45 600 43 000 5 400 310 12 000 5 880 23 000 Accumulated Depreciation Equipment Accounts Payable Capital (1 July 2017) Drawings Sales Sales Retums &...
Oct. S. Rey invested $52,000 cash, a $23,000 computer system, and $8,000 of office equipment in the company. 2 The company paid $3,280 cash for four months' rent. (Hint: Debit Prepaid Rent for $3,280.) 3 The company purchased $1,390 of computer supplies on credit from Harris Office Products 5 The company paid $1,800 cash for one year's premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $1,800.) 6 The company billed Easy Leasing $5,400 for services...
a.Venedict invested $82,000 cash along with office equipment valued
at $22,000 new business named HV Consulting in exchange for common
stock. b. The company purchased land valued at $35,000 and a
building valued at $ 160,000. The purchase is paid with $25,000
cash and a long-term note payable for $170,000 c. The comparty
purchased $1700 of office supplies on credit d Venedict invested
her personal automobile in the company in exchange for more common
stock. The automobile has a value...
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