A chain of appliance stores, APP Corporation, purchases inventory with a net price of $550,000 each...
A chain of appliance stores, APP Corporation, purchases inventory with a net price of $550,000 each day. The company purchases the inventory under the credit terms of 2/15, net 35. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar. I just want to know if I am correct:
The answer I got was: 2,250,000.00 Am I correct? Was I close?
Homework Answers
Average Account payable =
= Net inventory per day * days in discount period
Net inventory per day =$550000
Days in discount period = 15
Avg Account payable = $550000 * 15
=$6600000
Your answers is wrong.i got Average account payable as $6600000
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A chain of appliance stores, APP Corporation, purchases
inventory with a net price of $550,000 each...
A chain of appliance stores APP corporation purchases inventory with a net price of 550,000 each...
A chain of appliance stores APP corporation purchases inventory with a net price of 550,000 each day the company purchases the inventory under the credit terms of 2\15, net 40. APP always takes the discount but takes the full 15 days to pay its bills what is the average accounts payable for APP round your answer to the nearest dollar
Problem 16-05 Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net...
Problem 16-05 Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price of $550,000 each day. The company purchases the inventory under the credit terms of 2/15, net 35. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar. $
8-5 Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price...
8-5 Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price of $300,000 each day. The company purchases the inventory under the credit terms of 1/15, net 35. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar. $
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
Fabulous Fashion Ltd operates a chain of high end ladies’ fashion stores with locations in all...
Fabulous Fashion Ltd operates a chain of high end ladies’ fashion stores with locations in all major capital cities throughout Australia. It’s been established since 2010 and has seen tremendous growth but more recently has seen several fashion labels from overseas enter the Australian market resulting in an increase in competition. This increased competition has placed significant pressure on containing costs and drawn management’s attention to a review of working capital practices. Detailed below are relevant figures and ratios to...
Fabulous Fashion Ltd operates a chain of high end ladies’ fashion stores with locations in all major capital cities thro...
Fabulous Fashion Ltd operates a chain of high end ladies’ fashion stores with locations in all major capital cities throughout Australia. It’s been established since 2010 and has seen tremendous growth but more recently has seen several fashion labels from overseas enter the Australian market resulting in an increase in competition. This increased competition has placed significant pressure on containing costs and drawn management’s attention to a review of working capital practices. Detailed below are relevant figures and ratios to...
8. Pensacola Inc, exchanged old equipment for new equipment in two exchange transactions Each transaction has...
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Estimate purchases in 1996. (Hint: Cost of goods equals purchases plus beginning inventory minus ending inventory.)...
Estimate purchases in 1996. (Hint: Cost of goods equals
purchases plus beginning inventory minus ending
inventory.)
Use the percent of sales method to estimate funds needed
in 1996 using the 1995 percentages.
CASE 1 2 TOPEKA ADHESIVES (1) FINANCIAL FORECASTING Karen and Elizabeth Whatley are twins. Their mother teaches Physics at a mid- western university and their father runs a successful engineering firm. Not sur- prisingly, they are quite gifted at math and science, and they've displayed these talents in...
I only need help figuring out the Net Price in part 3 of the question. Please...
I only need help figuring out the
Net Price in part 3 of the question. Please explain how you figured
out the answer. Thank you.
Sheridan Industries purchased $11,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Your answer is correct. Assuming that Sheridan uses the perpetual method...
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Please and in full as well as number thr answer
PROFORMA STATEMENTS AND RATIOS The BIB-HOP Manufacturing Company was very satisfied with their ox performance The company had only begun operations the prior year, and as a result sales had been slow However things had picked up considerably in x wie sales more than doubing in volume B8-HOP had changed none of its business practices during the year and had managed to hold its cost of goods sold to 78%...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
8. Pensacola Inc, exchanged old equipment for new equipment in two exchange transactions Each transaction has commercial substance. Old Equipment Book Value Fair Value $74,000 $80,700 $61,400 $56,000 Cash Received S12,400 $10,900 Equipment A Equipment B For Equipment B, Pensacola would record a gain/(loss) of: A B. C. D. $3,900. (5.400) S(6,400). None of these answer choices are correct. 9. Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and...
Estimate purchases in 1996. (Hint: Cost of goods equals
purchases plus beginning inventory minus ending
inventory.)
Use the percent of sales method to estimate funds needed
in 1996 using the 1995 percentages.
CASE 1 2 TOPEKA ADHESIVES (1) FINANCIAL FORECASTING Karen and Elizabeth Whatley are twins. Their mother teaches Physics at a mid- western university and their father runs a successful engineering firm. Not sur- prisingly, they are quite gifted at math and science, and they've displayed these talents in...
I only need help figuring out the
Net Price in part 3 of the question. Please explain how you figured
out the answer. Thank you.
Sheridan Industries purchased $11,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Your answer is correct. Assuming that Sheridan uses the perpetual method...
Please and in full as well as number thr answer
PROFORMA STATEMENTS AND RATIOS The BIB-HOP Manufacturing Company was very satisfied with their ox performance The company had only begun operations the prior year, and as a result sales had been slow However things had picked up considerably in x wie sales more than doubing in volume B8-HOP had changed none of its business practices during the year and had managed to hold its cost of goods sold to 78%...
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