ABC Company Sdn. Bhd. received an invoice of RM35,000 dated 24 May 2020 with trade discounts of 20%, 15% and cash discount term of 8/15, 5/20, n/30. The transportation cost was RM200. Find: i) the single discount equivalent rate to the trade discounts given. ii) the total amount of payment if the payment was made on 10 June 2020.
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- This RM15,000 invoice with a date of 18 April 2016 is eligible for a 30% trade discount and cash discount conditions of 9/10, n/30. Find: a) the amount of the trade discount that is being provided. b)the sum of the rebate. c) if the invoice is paid on April 28, 2016, the net payment.At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity date of the note is April 30, 2021. If the discount rate is 20%, which adjusting entry is made on December 31, 2020 by using maturity value method? a.TL4.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/P b.TL56.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/ c.TL56.000 debit to 322-Discount on N/P and credit to 647-Discount Interest Revenue d.TL4.000 debit to 322-Discount on N/P and credit to 647-Discount Interest RevenueAn item for 10,000, subject to a trade discount of 25%, is paid for within the discount period on terms 2/10, n/30. What is the amount of payment? P10,000 P7,500 P7,400 P7,350
- Assume the following information regarding a note received by HEERHUM YU Company:Principal amount of note receivable P1,500,000Date of note October 1, 2020Term of note 120 daysDate of discounting December 1, 2020Discount rate 12%Interest income for 120 days P50,000How much loss on discounting is to be recognized on December 1, 2020?Q#5 . On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $22,000 on each December 31 beginning on December 31, 2021, and a lump-sum payment of $120,000 on December 31, 2025. A 12% interest rate properly reflects the time value of money in this situation. ((FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2021. (Round your final answer to nearest whole dollar amount.) Table values are based on: n = i = Cash Flow Amount Present Value Payments Lump Sum Amount recorded9. A flood recently destroyed many of the financial records of Yakal Company. The entity uses an average cost inventory valuation system. Yakal make a physical count at the end of each month in order to determine monthly inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4,00 per unit 935,900 July purchases: Units Unit cost Total cost July 5 55,000 53,000 45,000 5.10 280,500 11 5,00 265,000 15 5,50 247,000 16 47,000 5,30 249,000 200,000 Under FIFO-perpetual, cost of goods sold is equal to 1,042,100
- 3. Assume the following information regarding a note received by LENDYOU Company: January 1, 2020 6 months Date of note Term of note Interest rate 12% Date of discounting Discount rate March 1, 2020 15% Accrued interest on note P15,000 How much is the carrying amount of the note receivable on March 1, 2020?Party Pals Company received an invoice dated Oct 18, 2023, for $ 7,800 with trade discount series of 25% and 15%. Payment terms are 5/10 2/30 , n / 60 . a) What is the invoice amount?b) What are the last days of the two discount periods?c) How much should be paid on Oct 26 to reduce the unpaid balance to $ 3,000.00? d) How much should be paid on Nov 10 to reduce the unpaid balance by $1,500.00? e) What was the account balance on after the Nov 10 payment?2. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 Compute the interest rate charged to customer. How much is the principal amount of the note receivable?
- On January 1, 2018, The Barrett Company purchased merchandise from a supplier. Payment was a noninterestbearing note requiring five annual payments of $20,000 on each December 31 beginning on December 31, 2018,and a lump-sum payment of $100,000 on December 31, 2022. A 10% interest rate properly reflects the timevalue of money in this situation.Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchasedon January 1, 2018.A set of tools is worth P3,000.00 subject to 10%, 5% and 2% trade discounts. Determine the: a. single equivalent discount rate. (% in 2 decimal places) b. net invoice price. C. amount of trade discount. Answer 1A set of tools is worth P3,000.00 subject to 10%, 5% and 2% trade discounts. Determine the: a. single equivalent discount rate. (% in 2 decimal places) b. net invoice price. C. amount of trade discount.