Maplewood Supply received a $5,430 invoice dated 4/15/20. The $5,430 included $330 freight. Terms wereone discount, assume date of last discount.)a. If Maplewood pays the invoice on April 27, 2020 what will it pay?Payable amountb. If Maplewood pays the invoice on May 21, what will it pay?Payable amount4 3 n10"(If more than'30 60

4/10: 4% discount if paid within 10 days.3/30: 3% discount if paid within 30 days.n/60: Net amount…

Answered: Maplewood Supply received a $5,430…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Maplewood Supply received a $5,330 invoice dated 4/15/20. The $5,330 included $330 freight. Terms were 3/10, 2/30, n/60. (If more than one discount, assume date of last discount.) a. If Maplewood pays the invoice on April 27, 2020 what will it pay? Payable amount b. If Maplewood pays the invoice on May 21, what will it pay? Payable amount
ok nt Maplewood Supply received a $5,250 invoice dated 4/15/20. The $5,250 included $250 freight. Terms were one discount, assume date of last discount.) a. If Maplewood pays the invoice on April 27, 2020 what will it pay? Payable amount 4 10 3 n 30 60 (If more than
1. Riverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $630,700 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,700. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Riverbed for the full sales price. a)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) b)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on…
Sally received an invoice dated on 15 February 2020 worth RM4,050 of goods that included a prepaid freight cost of RM50. The invoice was offered trade discounts of 10% and 5% with cash discount terms of 9/15, 4/25, n/45. a) i. State the last date to settle the invoice. ii. Calculate the single equivalent trade discount. iii. Determine the trade discount offered. iv. Calculate the maximum cash discount offered. V. Assume that Sally paid RM1100 on 2 March 2020 and the balance on 30 March 2020, determine the balance that was paid.
9. A company received an invoice dated 25 January 2019 for the purchase of an item, The invoice offered trade discount of 20% and cash discount terms of 3/15, n/30. On 5 February 2019, the company paid RM7560 including freight charges of RM100 to settle the invoice. Find the list price of an item.
48. An Entity sold 10 units of goods with a unit list price of P2,000 on Jan. 1, 2021. The Entity offered a trade discount of 5% and a cash discount of 10%, and that the cash discount period is 10 days, and the credit period is 30 days. If the customer settles the debt on Jan. 28,2021, what is the actual amount he needs to pay? O A. P17,100 О в. B. P1,710 C. P19,000 O D. P1,900
Party Pals Company received an invoice dated Oct 18, 2023, for $ 7,800 with trade discount series of 25% and 15%. Payment terms are 5/10 2/30 , n / 60 . a) What is the invoice amount?b) What are the last days of the two discount periods?c) How much should be paid on Oct 26 to reduce the unpaid balance to $ 3,000.00? d) How much should be paid on Nov 10 to reduce the unpaid balance by $1,500.00? e) What was the account balance on after the Nov 10 payment?
on june 30,2024 the esquire company sold some merchandise to a customer for $30000.in payment, esquire agrred to accept a noninterest bearing note of 8% discount rate requiring the payment of interest and principal on march 31,2025.the 8% rate is appropriate in this situation .a prepare journal entries too record the sale of merchandise b, what is the effective interest rate
Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021. A - One Supplies gave the buyer trade discount of 12% and 8%. The buyer and supplier agreed with the term of 5/15, n/60. Required: How much is the cash discount if paid within the discount period?
On 10th Feb 2020, Mumtaz Car Company received an invoice of RM8,710 for the following items. Item Quantity List Price Per Unit (RM) Tire 12 370 Battery 15 210 Sport Rim ? 140 The transportation cost is RM320 and the handling charge is RM130. The company received trade discounts of y% and 15% and cash discount terms of 3/10, 5/20 and n/30. b) Calculate the value of y if the total payment RM 7,013.26 was made a week after the date of invoice.
ABC Company received a P1,800,000, 90-day, 12% note from a customer as payment for goods sold on August 31, 2020. On September 30, 2020, ABC Company discounted the note to Rang-ay Bank at 15% due to dire cash need. How much is loss on discounting to be recorded by ABC Company? A. P10.950 B. P46,350 C. P10,350 D. P14,850
Lincoln Company purchased merchandise from Grandville Corp, on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,200 on each September 30, beginning on September 30, 2024 (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 11% properly reflects the time value of money in this situation Amount recorded

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