For problems 15-18, Find the (a) down payment and (b) amount financed15. Lawrence Huber purchased the finance of a $8,371.39 snowmobile with a 15%down payment16. Bailey Ruffin bought a new motorcycle for $18,936.50 and made a 30% downpayment.17. Devon Gallagher purchased home entertainment equipment for $4,020.19 usingthe store's credit plan. He made a 20% down payment.18. Linda Cusack purchased a $279.50 stereo player for her car. Using the store'scredit plan, she made a $50 down payment.15a15b16a16b17a17b18a18b

The advance cash payment made by the buyer for an estate's down payment and other substantial…

Answered: For problems 15-18, Find the (a) down…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4MC: A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and...

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4. Alan Lewis purchased a new computer for his office using the store's installment credit plan. The computer cost $5,991.64. He made a 40% down payment. 4a. What is the down payment? 4b. What is the amount financed? 5. Melvin Annijo purchased new carpet for $1,498.96; laminated flooring for $2,365.45; kitchen cabinets for $7,864.44; and a countertop for $936.12. The Home Supply credit plan requires a 15% down payment. 5a. What is the total amount of the purchases? 5b. What is the down payment? 5c. What is the amount financed? 6. Amanda and Charles Mercer want to remodel their coffee shop. They would like to finance part of the cost but do not want the amount financed to be more than $10,000. The total cost of remodeling the shop is $13,480. 6a. Determine how much they need for a down payment 6b. Will a 25% down payment be enough?
What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note. Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500 Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500 Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500 Debit SUV, $50,000, credit cash $50,000
Al Ree bought a new delivery truck for $18,000. Al put a down payment of $4,000 and paid $270 monthly for 60 months. The total finance charge: O a. $4,000 O b. $2,200 Oc. $2,020 O d. $2,000 Show A hInformative Top....docx MacBook Air EB
For Problems 13-16, Find the amount financed. 13. Owen Hawkins purchased carpentry equipment for $1,265 with a $100 down payment. 14. Audrey Copeland purchased a used car for $14,470 with a $3,000 down payment 15. Austin Powell purchased a television for $2,200 with a $500 down payment 16. Megan Barnes purchased photography equipment for $4,100 with a $1,000 down payment
Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last month's balance was $1,350, she made a payment of $375, she bought hiking boots for $120, and she returned a jacket for $140. Assume an annual interest rate of 21%.
The following are the business transactions of Reyes Broiler farm for the month of March 2019. March 2 The owner borrowed P150,000 from Landbank to be used in the business. 4 Bought farm equipment P30,000. Terms: 50% down payment, balance on account. 5 Cash sales of broilers P15,000. 7 Purchased farm supplies P7,000 on credit. 10 Sales of broilers on account P10,000. 15 Paid the salaries of the farm workers P12,000. 18 Sales of broilers P12,000. 50% collected in cash , balance on account. 22 Bought additional farm supplies P5,000 and paid cash. 24 Paid the rent for the land P15,000. 25 Cash sales of broilers P30,000. 26 Paid Landbank P50,000. 27 Sales of broilers on account P14,000. 28…
2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the end of June 2020, you collected the ff: a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500. b. With the help of a friend Jefer who is an accountancy student, you determined that the costs of goods sold during June was P160,000. C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of P6,800 for June was unpaid because of late billing. What is the profit for June 2021?
PLEASE TYPE IT AND NOT HANDWRITTEN If you purchased shoes and bags from a department store and used your credit card, the purchase amounted to P12,000, and you decided to pay it in 18 months at 21% APR, compute the finance charge.
Problem 4: Read the question and solve the problem below. Write your complete solution. Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php 1,000 and financed the rest at 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s. Need complete solutions
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
-k No.: Inclusive Dates: ctions: Analyze and solve the given problem set. Show the complete solution. Use extra papers rour answers if needed. Esther has a small store. Last month, she purchased merchandise costing P75,000 for which she paid freight of P7,500. She sold 60% of the merchandise for P68,000 after spending for various expenses totaling P13,000. She also paid P2,000 for interest on money she borrowed for her store. a. How much was her cost of sales? b. How much gross profit did she make? c. How much operating profit did she make? d. What was her net profit? You were given the following data for the Summit Marketing Co. as of January 31, 2020- P127,500 57,000 5,000 Sales Purchase (merchandise) Freight in Taxes and Licenses 900 300
Tina Mier must pay a $5,000 furniture bill. A finance company will loan Tina $5,000 for 8 months at a 9.21% discount rate. The finance company told Tina that if she wants to receive exactly $5,000, she must borrow more than $5,000. The finance company gave Tina the following formula: What to ask for = Amount of cash to be received + (1 - (Discount rate Time of loan)) a. Calculate Tina's loan request. Note: Do not round intermediate calculations. Round your final answer to the nearest cent. Loan request b. Calculate the effective rate of interest. Note: Do not round intermediate calculations. Round your final answer to the nearest hundredth percent. Effective rate of interest D % SE

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