1 Muskoka Tools Depot is selling snow blowers for $710.00 each. The same model blowers are being offered by Dixie Appliances for $568.00 each. What rate of discount should Muskoka Tools Depot offer to match the lower price? 2 How much must be paid on December 20, 2014 to settle three invoices of values $139,642, $89,384, and $12,439 that were received on November 19, 2014, November 20, 2014, and December 10, 2014 respectively. The payment terms are 3/10, 2/30, n/45?

1 Muskoka Tools Depot is selling snow blowers for $710.00 each. The same model blowers are being offered by Dixie Appliances for $568.00 each. What rate of discount should Muskoka Tools Depot offer to match the lower price? 2 How much must be paid on December 20, 2014 to settle three invoices of values $139,642, $89,384, and $12,439 that were received on November 19, 2014, November 20, 2014, and December 10, 2014 respectively. The payment terms are 3/10, 2/30, n/45?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bob's Product Company takes 20 days to convert its raw materials to finished goods, 15 days to sell it, and 25 days to collect its credit sales. What is the company’s days receivable period? Group of answer choices 60 35 25 10 15 A bank letter of credit, sometimes called a standby letter of credit, is a written promise by a bank that it will make a payment on behalf of the customer. This is different than a line of credit, which is a akin to a credit card….a line of credit allows the company to borrow funds as needed to pay any bills. A LETTER of credit is specific to the party that the company might owe money to. Group of answer choices True False
Please answer the question correctly. Thank you
i need help figuring this out
Please show all the work.
Don't give answer in image
(Customer Loyalty Program) Martz Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2017, customers purchase products for $300,000 (with a cost of $171,000) and earn 30,000 points redeemable for future purchases. Martz expects 25,000 points to be redeemed. Martz estimates a standalone selling price of $2.50 per point (or $75,000 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Martz concludes that the points are a separate performance obligation.Instructions(a) Determine the transaction price for the product and the customer loyalty points.(b) Prepare the journal entries to record the sale of the product and related points on July 2, 2017.(c) At the end of the first reporting period (July 31, 2017), 10,000 loyalty…
entxies Jounal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have a sales price of $312,000 (cost $164,000).The terms of sale are net 30.lf Thumb pays within 5 days, it receives a cash discount of $12,000.Past history indicates that the cash discount will be taken.
Mei-Ling will buy the. items listed below. She has a score-valued card worth $150. The store offers her a 5% discount if she uses her credit card to pay for any part of the purchase. What is the total cost of the purchase after Mei-Ling uses her stored-value card prior to using her credit card? Round to the nearest cent. Item. Cost($) circular area rug. 324.60 ceiling fan 179.99 a $504.59 b $479.36 c $354.59 d $336.86
3. On March 3, Greentree Appliances sells $480,000 of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of 6% of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor. Date Account Titles and Explanation Ref Debit Credit EXTRA CREDIT: List two advantages to Greentree due to using a factor.
Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)
Please see below. I need to make sure that what I have included details 2 accrual and 2 deferral transactions correctly. Please let me know if I need to correct something.
Nicole Squash Sdn Bhd. received an invoice dated 24 May 2011 from a supplier with trade discount offer of 30% and cash discount terms 5/15, n/60 for the following items: 50 squash rackets at RM 130.65 each, 500 squash balls at RM10.50 each, and 130 wristbands for RM20.75 each. Find i) the trade discount received. ii) the last day for payment to get a cash discount. iii) the amount due if the invoice was paid in full on 5 June 2011 iv) the cash discount received if the payment was settled on the last day of the discount period.