Essence of Skunk Fragrances, Limited, sells 4,000 units of its perfume collection each year at a price per unit of $500. All sales are on credit with terms of 2/10, net 30. The discount is taken by 70 percent of the customers. What is the amount of the company's accounts receivable? Multiple Choice
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- Kantorovich Company normally takes 25 days to pay for its average daily credit purchases of $1,900. It has average daily sales of $2,900, and collects accounts in 20 days. What is its net credit position? Multiple Choice O $10,500 O $11,500 ($12,500) O ($10,500)Bull's Eye Department Stores, Inc. records $100,000 in gift card sales and receives cash in year 1. Customers redeemed 20% of the gift cards to purchase merchandise in year 2. Which of the following would be included in the summary journal entry to reflect the year 2 redemption transactions? Group of answer choices debit Sales Revenue $80,000 debit Unearned Revenue $20,000 credit Unearned Revenue $20,000 credit Sales Revenue $80,000Neal's Photographic Supplied sells a Pentax camera for 440.98. The markup is 86% of cost. How much does the store pay for this camera? What is the markup based on selling price? (A percentage correct to 2 decimal places.)
- JYP Store purchases shirts printed with GOT7 name and logo from a vendor. The vendor sells the shirts to the store for RM40 each. The cost to the store for placing an order is RM110, and the annual carrying cost is 20% of the cost of the shirt. Jackson, the store manager, estimates that 1,600 shirts will be sold during the year. The vendor has offered the store the following volume discount in Table 3. [Kedai JYP membeli baju yang di cetak dengan nama dan logo GOT7 dari pembekal. Pembekal menjual baju kepada kedai dengan harga RM40 sehelai. Kos untuk membuat tempahan ialah RM110, dan kos memegang tahunan ialah 20% dari harga kos sehelai baju. Jackson, pengurus kedai, menjangkakan sebanyak 1,600 baju akan dijual setahun. Pembekal menawarkan kepada kedai berdasarkan Jadual 3.] Table 3: Discount schedule [Jadual 3: Jadual diskaun] ORDER SIZE DISCOUNT 1 – 299 0% 300 – 500 2% 501 and more 4% Determine the best order size of shirts.JYP Store purchases shirts printed with GOT7 name and logo from a vendor. The vendor sells the shirts to the store for RM40 each. The cost to the store for placing an order is RM110, and the annual carrying cost is 20% of the cost of the shirt. Jackson, the store manager, estimates that 1,600 shirts will be sold during the year. The vendor has offered the store the following volume discount in Table 3. Table 3: Discount schedule [Jadual 3: Jadual diskaun] ORDER SIZE DISCOUNT 1- 299 300 – 500 0% 2% 501 and more 4% (i) Calculate optimal order quantity based on the quantity discount information. [Hitungkan kuantiti pesanan optimal berdasarkan maklumat jadual diskaun.] (ii) Calculate total annual inventory cost. [Hitungkan kos inventori tahunan total.] (iii) Determine the best order size of shirts. [Tentukan saiz tempahan baju yang terbaik]Perfume Depot sells two different tiers of perfume products to customers. They charge $30 for tier 1 perfume and $100 for tier 2 perfume. The sales tax rate is 4.5%. During the month of October, Perfume Depot sells 75 tier 1 perfumes, and 60 tier 2 perfumes. A. What is the total tax charged to the customer per tier 1 perfume? What is the overall charge per tier 1 category perfume? B. What is the total tax charged to the customer per tier 2 perfume? What is the overall charge per tier 2 category perfume? C. How much sales tax liability does Perfume Depot have for the month of October? D. What accounts are used to recognize this tax situation for the month of October? E. When Perfume Depot remits payment to the sales tax governing body, what happens to the sales tax liability?
- Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.4. Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Aug. 10 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Aug. 12 | Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit. The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Julia also discovers that 10 of the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia Aug. 14 Aug. 20 pays her account in full from the August 12 purchase, less any returns, allowances, and/or discounts.Backyard World buys plastic pools from a supplier with an invoice amount of $15,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due? $6,763.16 $6,840.00 $7,200.00 $8,736.84
- 33) Muscat company mart has the following sales transactions for the month of April 2018. April 6 Sold goods on credit to Nizwa mart: 50 Kettles @ RO 30each 60 electrical equipment @ RO 15 each Trade discount of 3% and Shipping cost of RO 350 April 8 Sold goods to JK mart and received cash of RO 7,500 Calculate the Total amount which is transferred to Sales daybook during the month of April 2018? a. RO 7,500 b. RO 2,328 c. RO 2,678 d. RO 2,400Flint Taco Palace sells 280 gift cards at $50 per gift card and 140 of the gift cards are redeemed by year-end. Flint estimates that it wi have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Cash Unearned Gift Card Revenue Subscriptions Revenue. Debit 14000 Credit 7000 7000Consider the following transaction: On March 6, Fun Cards sells 560 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Mar. 6 Mar. 6 B. Mar. 6 Mar. 6 To record sale of card decks To record cost of sale To record sale of card decks, 3% credit card fee To record cost of sale 38