An invoice dated November 6 in the amount of $38929 with terms of 2%2/10, 1/15 ROG, 2% penalty per month is received by Cargill Limited from Agricore United. The wheat shipment is received on December 2. Cargill Limited made a partial payment of $15,000 on December 10. What amount should Cargill pay to clear its invoice on December 13? Select one: a. $22838.05 b. $23073.49 c. none d. $23308.94
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- On March 20, the Agricultural Bank deducted engineer Valdez a rate of 18% annual simple in a document that expires on the following November 15, said document was signed on January 22 to guarantee a credit of 40,000. On June 12, the bank transfers the document to Banco Mercantil with a simple 16% annual discount. How much was the profit for the Agricultural Bank?Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for: 10 wood trays at $37.45 each; 35 wood planters at $43.75 each; 50 wood bowls at $37.25 each. If only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $1500.00? Round to nearest 100th.Ivanhoe Roads accepted a customer's $101400 zero-interest-bearing six-month note in a sales transaction. The product sold normally sells for $94800. If the sale was made on June 30, how much interest revenue from this transaction would be reported for the year ending December 31? O $10140. O $3300. O $0. O $6600.
- Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,800 list price. Bally dated the invoice August 01 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 14. What does Intel pay Bally? Payable amountOn November 15, a merchant purchased merchandise that he settled with 35% in cash, a payment for $35,050, which corresponds to 40% on March 3 and another for the rest on April 22. Considering charges of 16.8% annually, determine: a) The value of the merchandise on the day of purchaseb) The amount paid on April 22c) Interest or charges for not paying in cashOn March 18, Kudos Corporation sells snack products to a retail warehouse club chain for $40,000 (cost of $24,000). The contract includes an obligation for the warehouse club to run certain advertising campaigns for the snack products in exchange for $3,200 cash from Kudos Corporation on the contract date. The comparable price for this type of advertising campaign to be conducted by a third party is $3,200. Required a. Prepare kudos' journal entry on March 18 for the product sale, the cost of the product sale, and the purchase of advertising services. b. Assume instead that Kudos sold $40,000 of product to a customer (cost of $24,000) and has agreed to pay the customer $800 in slotting fees for preferential product placement in displays. Kudos will pay the $800 fee on April 30. Prepare kudos' journal entry on March 18 for the product sale and the cost of the product sale, and then on April 30 for the payment of the slotting fee. • Note: If a line in a journal entry isn't required for…
- On May 18, an invoice dated May 17 for $4000 less 20% and 15%, terms 5/10 E.O.M. was received by Aldo Distributors. (a) What is the last day of the discount period? (b) What is the amount due if the invoice is paid within the discount period?Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,200, and accepted a noninterest-bearing note for which $8,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $50,000 to a factor without recourse. The factor…Aronian Import received an invoice dated January 5 for a shipment of goods received January 11. The invoice was for $5525.00 less 40%, 8% with terms 3/20 R.O.G. How much must Aronian Import pay on January 20th to reduce its debt by $3000.00?
- Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $20,000 and accepted a 6%, 7-month note. 6% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $15,040, and accepted a noninterest-bearing note for which $16,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $14,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $4,800. Evergreen reduced the customer’s receivable balance by $6,600, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $66,000 to a factor without recourse. The…Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $20,000 and accepted a 6%, 7-month note. 6% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $15,040, and accepted a noninterest-bearing note for which $16,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $14,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $4,800. Evergreen reduced the customer’s receivable balance by $6,600, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $66,000 to a factor without recourse. The…Clayco Company completes the following transactions during the year. July 14 Writes off a $750 account receivable arising from a sale to Briggs Company that dates to 10 months ago. (Clayco Company uses the allowance method.) 30 Clayco Company receives a $1,000, 90-day, 10% note in exchange for merchandise sold to Sumrell Company (the merchandise cost $600). Aug. 15 Receives $2,000 cash plus a $10,000 note from JT Co. in exchange for merchandise that sells for $12,000 (its cost is $8,000). The note is dated August 15, bears 12% interest, and matures in 120 days. Nov. 1 Completes a $200 credit card sale with a 4% fee (the cost of sales is $150). The cash is transferred immediately from the credit card company. 3 Sumrell Company refuses to pay the note that was due to Clayco Company on October 28. Prepare the journal entry to charge the dishonored note plus accrued interest to Sumrell Company’s accounts receivable. 5 Completes a $500 credit card sale with a 5% fee (the cost of sales is…