Skint Limited has an opening bank balance of €1610 on 1 May. During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers). during April were worth €80,000. During May, Skint Limited incurred the following expenses: Wages & salaries €31389 Monthly rent of €30,000 which is paid annually in advance on 1 January of each year Depreciation of €15,000 Variable Overheads €11067 of which are paid as incurred; and Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year. What is the budgeted closing cash figure at 31 May? I
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- On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for 60.000 TL. Which entry is made when the business makes the payment at maturity for the note signed on June 19? a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100- Cash O b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100- Cash O c. 64.050 TL debit 321-N/P and 64.050 credit to 100-Cash O d. 65.400 TL debit 321-N/P and 65.400 credit to 100-CashThe company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same as the calendar year. Form the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2 The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked. 5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.The following information relates to LoGo Corporation: Accounts payable $650,000 Credit purchases $21,000,000 Accounts receivable $2,100,000 What is LoGo's payables deferral period (DPO)? In your computations, assume there are 360 days in the year.
- On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 148.000 TL and signs a 9-month note with an annual interest rate of 8% for 50.000 TL. Which entry is made when the business receives the payment at maturity for the note received on October 13? O a. 54.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 4.000 TL credit to 642- Interest Revenue O b. 53.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 3.000 TL credit to 642- Interest Revenue O c. 53.000 TL debit to 100-Cash and 53.000 TL credit to 121-N/R O d. 54.000 TL debit to 100-Cash and 54.000 TL credit to 121-N/RToday, the company sold merchandise for ₱45,094 receiving ₱10,000 down payment and the balance supported by a 10% three-month note. How much cash is the company expected to receive on maturity date of the note?On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?
- On January 1, MM Company borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90, 164 each. Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction.On September 1, Year 1, West Company borrowed $34,000 from Valley Bank. West agreed to pay interest annually at the rate of 9% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice O O $-0- $1,020 $306 $765Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of July. The limit on your line of credit is $1000.00. You receive daily interest of 1.4% p.a. on positive balances and pay daily interest of 8% p.a. on negative (line of credit) balances. Overdraft interest is 16% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of July (a) Calculate the amount of interest earned. Total interest earned = S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = $ (Round the final answer to the nearest cent as needed. Round all intermediate…
- The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000 are on cash basis. Half of the customers pay on the tenth day and take discounts on average, 40 days after their purchases. What is the average amount of receivables? a. P62,500 b. P69,444.44 c. P20,408.16 d. P10,204.08During the first month, Marsh collected P260,000 on assigned accounts. This amount charged a 4% commission on the face amount of the loan, and the note bears interest at Company by Marsh, Inc., as security for a loan of P400,000. The finance company Accounts receivable in the amount of P500,000 were assigned to the Fast Finance PROBLEM 2 9% per year. During the first month, Marsh collected P260.000 on assigned accounts. This a was remitted to the finance company along with one month's interest on the note. de? Instructions Make all the entries for Marsh Inc. associated with the transfer of the accounts receivabie. the loan, and the remittance to the finance company.Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of October. The limit on your line of credit is $1000.00. You receive daily interest of 1.6% p.a. on positive balances and pay daily interest of 8% p.a. on negative (line of credit) balances. Overdraft interest is 15% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of October. ..... (a) Calculate the amount of interest earned. Total interest earned = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = $