1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Andrei [34K]
2 years ago
7

Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500

of the merchandise and received full credit.
a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?
b. What account is debited by Hoffman Company to record the return?
Business
1 answer:
Stella [2.4K]2 years ago
3 0

Answer: a. $56925 ; b. Account payable

Explanation:

a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?

Purchase invoice = $65000

Less: Return = ($7500)

Net Purchase Invoice = $57500

Less: Discount = $57500 × 1% = $575

Cash received = $56925

b. What account is debited by Hoffman Company to record the return?

The account that is debited by Hoffman Company to record the return is the account payable.

You might be interested in
By january 2014 the us population had grown to 317.3 million and the us federal debt was a reported $17.3 trillion. calculate th
Fudgin [204]

Per capita means per person. You would take the total debt and divide by the number of people. That will give you federal debt per capita.

3 0
3 years ago
Andrea, an enterprising individual, wants to open a store in her town. She wants her store to be of the same type as a popular c
uysha [10]

Answer:

D. Franchisee

Explanation:

A franchisee can be defined as an individual who is a small business owner who operates a franchise. A franchisee is given license by the franchisor to run a business under the franchisor's trade mark, trade name and method of operations. A franchise is a business in which the owners sell the rights to their business trade mark, trade name, logo and method of operations to a third party outlet or individuals owned separately by who we refer to as the franchisee. In this case, Andrea wants to become a franchisee by opening the same type of popular coffee chain in her town that is found in a nearby town.

6 0
3 years ago
Smiley Industrial Goods has $1,000 face value bonds on the market with semiannual interest payments, 13.5 years to maturity, and
Snezhnost [94]

Answer:

Annual Coupon rate =  66.56990711 / 1000 = 0.06656990711 or 6.656990711% rounded off to 6.66%

Option B is the correct answer

Explanation:

To calculate the price of the bond today, we will use the formula for the price of the bond. We assume that the interest rate provided is stated in annual terms. As the bond is a semi annual bond, the coupon payment, number of periods and semi annual YTM will be,

Coupon Payment (C) = C

Total periods (n) = 13.5 * 2 = 27

r or YTM = 0.064 * 6/12 = 0.032 or 3.2%

The formula to calculate the price of the bonds today is attached.

We will first calculate the value of semi coupon payment  made by the bond.

1023 = C * [( 1 - (1+0.032)^-27) / 0.032]  + 1000 / (1+0.032)^27

1023 = C * 17.8994796  +  427.2166529

1023 -  427.2166529  =  C * 17.8994796

595.7833471 / 17.8994796  =  C

C = 33.28495355 rounded off to 33.28

The annual coupon payment will be = 33.28495355 * 2 = 66.56990711 rounded off to 66.57

Annual Coupon rate =  66.56990711 / 1000 = 0.06656990711 or 6.656990711% rounded off to 6.66%

4 0
2 years ago
While working at his factory job, joe slipped on the wet floor. he went to the doctor where they told him he broke his ankle. wh
Svetlanka [38]

Worker's Compensation, because the injury occurred by an employee in the course of performing their job.

4 0
3 years ago
Young children are permitted to work in the manufacturing of soccer balls in Pakistan, but this would not be legal in the United
e-lub [12.9K]

Answer:

no jodas

Explanation:

6 0
3 years ago
Other questions:
  • In the US, public insurers such as Medicare are forbidden by law from applying formal health technology assessments - and in par
    9·1 answer
  • Think about the ideal job that you would like to obtain after graduation. Describe this job, the kind of manager you would like
    7·1 answer
  • Hsu Company reported the following on its income statement: Income before income taxes $302,634 Income tax expense 90,790 Net in
    11·1 answer
  • Suppose the corporate tax rate is 35%. Consider a firm that earns $10,000 before interest and taxes each year with no risk. The
    15·1 answer
  • When a nation’s currency appreciates, what is the most likely result?
    5·1 answer
  • It is suggested you use which of the following to learn about the position for which you are being interviewed?
    15·1 answer
  • When the perpetual inventory system is used, the inventory sold is debited to a.Supplies Expense b.Cost of Goods Sold c.Sales d.
    14·1 answer
  • A construction firm cannot obtain the necessary permits to begin building a shopping mall until it can show it either has or wil
    8·1 answer
  • Livingston Co. uses process costing to account for the production of elastic bands. Direct materials are added at the beginning
    11·1 answer
  • On August 22, Year 4, Martha purchases a computer to use in her childcare business. She sells the computer on December 28, Year
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!