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3 years ago

This information relates to Sherper Co. 1. On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/10.

Business

1 answer:

Feliz [49]3 years ago

5 0

Answer:

April 5, purchased merchandise on account terms 2/10, n/10

Dr Merchandise inventory 22,000

Cr Accounts payable 22,000

April 6, paid freight costs

Dr Merchandise inventory 900

Cr Cash 900

April 7, purchase equipment on account

Dr P, P & E - Equipment 26,000

Cr Accounts receivable 26,000

April 8, returned some merchandise (April 5th purchase)

Dr Accounts payable 2,000

Cr Merchandise inventory 2,000

April 15, paid merchandise invoice

Dr Accounts payable 20,000

Cr Cash 19,600

Cr Purchase discounts 400

May 4, paid merchandise invoice

Dr Accounts payable 20,000

Cr Cash 20,000

If the company pays the invoice on April 15th, it will get a 2% discount which must be recorded as a purchase discount.

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Norbert works in a beauty salon. he receives a 50% employee discount for salon services. in 2016, he used his discount to buy $1

Crank

The answer is D. $600. In general, the employee discount didn't result in taxable income to the recipient. The amount that may be excluded in relation to services purchased by employees, however, is limited to 20% of the amount normally charged to non-employee customers. As a result, Norbert would be able to exclude an employee discount up to 20% x $2,000 or $400 with the remaining $600 included in gross income.

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3 years ago

Reg has just purchased a new car. The car had a list price of $22,499, and he was responsible for 7. 96% sales tax, a $2,138 veh

charle [14.2K]

The down payment that would be paid by reg is $2,800.

<h3 /><h3>What is a down payment?</h3>

A down payment is the first partial payment for the purchase of price expensive items or services, such as a car or a house. It is usually paid off in cash or equal at the time of finalizing the transaction. A loan of some kind is then asked to finance the remainder of the payment.

<u>Computation </u><u>of a down Payment:</u>

<u />

According to the question,

The total amount of car would be:

$\text{List Price + Sales Tax + Registration Fee + Documentation Fee}\\\\\$22,499+\$1,791+\$2,138+\$262 = \$26,690.$

r= 10.27%,

$r=\dfrac{10.27}{12\times100}\\\\\\r= 0.00855833$ ,

t= $12\times3\text{Years}=36 \text{Months}.$

Monthly Payment = $773.89.

Let X be the amount of payment that is given in the starting.

$\text{Monthly Payment} = \dfrac{\text{(List Price - x) r }}{1-(1+r)}}\\\\\\\$773.89 = \dfrac{(22,49-\text{x )0.0085533}}{1-(1+0.0085533)}\\\\\text{x}=$23889.84$

The amount of down payment would be:

$\text{Down Payment}=\text{Total Amount - Down Payment}\\\\\\\text{Down Payment}=\$26,690-\$23889.84\\\\\text{Down Payment}=\$2,801 \text{App.}$

Hence, Option D is correct.

Learn more about the down payment, refer:

brainly.com/question/1114543

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3 years ago

Multiple Choice Question Mahan Corporation expects total sales to increase by 20% over the next year. The corporation has no spa

AlekseyPX

Answer:

$48,000

Explanation:

The computation of the corporation debt is shown below:

Since the asset is increased by 20%

The present asset is $100,000

ANd, the increased assets is

= $100,000 + $100,000 × 0.20

= $100,000 + $20,000

= $120,000

Now the debt is

= $120,000 × 0.4

= $48,000

hence, the last option is correct

3 0

3 years ago

When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when A. a customer’s accou

MaRussiya [10]

Answer:

Option D. management estimates the amount of uncollectibles

Explanation:

When the company estimates the bad debts, reflects it in the balance sheet through a Debit entry in the Bad Debt Expenses againts the asset account Allowance for Doubtful Accounts as a Credit.

When the bad debt are confirm as uncollectible the loss is reflected in the Account Receivable as a Credit with the correspondent debit entry in the Allowance for Doubtful Accounts.

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3 years ago

What personal experiences have you had as a health insurance consumer?

KengaRu [80]

I uploaded the answer in the link below

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4 0

3 years ago

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