Question 5 a. Cash discounts will normally appear on an invoice in terms such as 2/10 n30. What does this mean for an invoice of value GH¢10,000? b. Extracts from the profit and loss account for the year and the balance sheet as at the end of the year for NORA Enterprise are shown below. Assume all sales and purchases are on credit terms. Item Sales Amount GH¢ 200,000 Cost of goods sold 150,000 Purchases 120,000 Accounts Receivable 35,500 Accounts Payable 18,000 Inventory Finished goods 15,000 Work in progress 28,000 37,000 Raw materials i. Calculate the overall inventory turnover period and ratio. ii. Calculate the accounts receivable turnover period and ratio. iii. Compute the accounts payable turn over period and ratio. iv. What do the values computed in (a), (b) and (c) mean? v. What is the length of the operating cycle and the cash conversion cycle?

Question: During the current year, merchandise is sold for $194,200 cash and $454,200 on account. The cost of the merchandise sold is $505,800. What is the amount of the gross profit?

JoJo's recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. Select the correct statement about the entry to record this sale.   Question 3 options:   Accounts receivable increases $10,000.   Sales increase $9,800   Sales discounts increase $200   All of the above are correct

Question: The cost of goods sold as a percentage of net sales revenue is (round your answer to two decimal places). Sales Revenue $420,000 Sales Returns and Allowances 1,400 Sales Discounts Net Sales Revenue Cost of Good Sold a) 62.45% b) 62.58% c) 61.90% d) 62.24% 850 417,750 260,000

A sale of merchandise on account for $12,000 is subject to an 8% sales tax. (a)  Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale  (b)  What is the amount of the sale?$fill in the blank 2 (c)  What is the amount of the increase to Accounts Receivable? If required, round your answers to nearest whole value.$fill in the blank 3 (d)  What is the title of the account in which the $960 (12,000 x 8%) is credited?Sales Tax Payable

Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?

Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250

21-The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Credit period c. Discount period d. Trade discount

Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $103,605. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the correspondir number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Stockholders' Assets Liabilities Equity Cash v + Inventory v Est. Returns Inventory = Customer Refunds Payable v + No effect v Statement of Cash Flows Income Statement Operating v No effect v

c. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase 1st: 2nd: Phrase 1st: Account 2nd: Accounts Account Category AL SER E contra AL SER E contra + Accounts Debit Affect d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Debit + Category AL SE RE contra AL SE RE contra + - + Affect Dr. or Cr. Dr Cr Dr Cr Credit Dr. or Cr. Credit Dr Cr Dr Cr