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GaryK [48]
3 years ago
9

Willetta Company purchases inventory for $18,000 with terms 2/10, n/30. It then returns $2,800 of the inventory purchased to the

supplier and also receives an allowance for defective inventory of $180. The company pays the amount due within the discount period. What is the amount of the discount that will be taken? (Round your answer to the nearest dollar amount.)
Business
1 answer:
kvv77 [185]3 years ago
4 0

Answer:

The amount of discount that will be taken is $300.4

Explanation:

The amount of discount that will be taken will be on the value of accounts payable that is eligible for pay after adjustments.

The accounts receivable balance after adjusting for purchases returns and defective goods is:

Accounts receivables eligible for payment = 18000 - 2800 - 180 = $15020

The accounts payable amount that is eligible for discount is:

Discount received = 15020 * 0.02 = $300.4

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The hierarchy of qualitative characteristics of financial information require that, in order to be useful for decision making, i
Effectus [21]

Answer:

Relevance and faithful representation

Explanation:

The is a general consensus that accounting information must possess certain basic characteristics for it to be useful to the users of financial statement. The International Accounting Standards Board (1ASB) gave voice to this assertion when it prescribes some basic characteristics of accounting information which are 1. Understandability 2. Relevance 3. Reliability 4. Comparability. 5.    Materiality. 6.  <em>Faithful representation.</em> 7. Substance over Form. 8. Neutrality. 9. Prudence. 8. Timeliness. 9. Completeness.

Faithful representation is the requirement that financial statement must be accurate and  must show a true and fair view of the position of the business.

8 0
3 years ago
The Boat Company has a capital structure of 30 percent riskless debt and 70 percent equity. The assumed tax rate is 23 percent.
mash [69]

Answer: 0.68

Explanation:

Using the measures given, the equity beta can be calculated as:

Equity beta = Asset beta * (1 + (1 - Tax rate) * (Debt/Equity)

= 0.9 * ( 1 + ( 1 - 23%) * (30% / 70%)

= 1.593 * 0.3/0.7

= 0.68

7 0
3 years ago
Jamal gets qualified for a 30,000 car loan that has a 5 year term and has an interest rate of 5.9% APR. He decides to take those
stiks02 [169]

Jamal's monthly payment for the car loan is $578.59.

Data and Calculations:

Amount of Jamal's auto loan = $30,000

Term of the auto loan = 5 years or 60 months

Interest rate payable = 5.9% APR

Monthly payment from an online financial calculator:

Monthly Pay = $578.59

Total Loan Amount = $30,000.00

Upfront Payment = $0.00

Total of 60 Loan Payments = $34,715.41

Total Loan Interest  = $4,715.41

Total Cost = $34,715.41

Thus, Jamal will be making a monthly payment of $578.59.

Learn more about calculating monthly payments for auto loans at brainly.com/question/11866605

6 0
2 years ago
The following information was available for the year ended December 31, 2013: Net sales $ 803,000 Average accounts receivable fo
WARRIOR [948]

Answer: 3.70  

Explanation: Stock turnover can be calculated using following formula :-

stock\:turnover\:ratio=\frac{cost\:of\:goods\:sold}{average\:stock}

where,

cost of goods sold =598,600

average stock = 162,000

now, putting the values into equation above, we get :-

stock\:turnover\:ratio=\frac{598,600}{162,000}

                                           = 3.70

8 0
3 years ago
The elapsed time between an order's receipt, delivery, and payment is called the:_______.
Tju [1.3M]

Answer:

Option C (order-to-payment cycle) seems to be the correct approach.

Explanation:

  • A journal article directing the monetary compensation, formulated between one individual or financial institution on some other commercial invoice.
  • Draught reasonable opportunity of being heard-an an estimated standard and sometimes agreement to overdraft a sum of money-a draught exceeding the outstanding balances.

The other options in question are not connected to the given instance. So that the option however is the right choice.

6 0
3 years ago
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