Each of the following situations Involves the use of discounts: 1. How much discount may DOOBIE...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Each of the following situations Involves the use of discounts: 1. How much discount may DOOBIE Inc. take in each of the following transactions? What was the annualized Interest rate? Round your answers to the nearest whole number. When calculating the annualized rate use 360 days. Discount Annualized Interest Rate a. DOOBIE purchases inventory costing $700, 2/10, n/30. b. DOOBIE purchases new office furniture costing $2,500, terms 1/15, n/45. 2. Calculate the discount rate OUTZ Co. received in each of these transactions. a. OUTZ purchased office supplies costing $400 and paid within the discount period with a check for $396. Round your answer to the nearest whole number. b. OUTZ purchased merchandise for $6,200. It paid within the discount perlod with a check for $6,045. Round your answer to one decimal place. % Each of the following situations Involves the use of discounts: 1. How much discount may DOOBIE Inc. take in each of the following transactions? What was the annualized Interest rate? Round your answers to the nearest whole number. When calculating the annualized rate use 360 days. Discount Annualized Interest Rate a. DOOBIE purchases inventory costing $700, 2/10, n/30. b. DOOBIE purchases new office furniture costing $2,500, terms 1/15, n/45. 2. Calculate the discount rate OUTZ Co. received in each of these transactions. a. OUTZ purchased office supplies costing $400 and paid within the discount period with a check for $396. Round your answer to the nearest whole number. b. OUTZ purchased merchandise for $6,200. It paid within the discount perlod with a check for $6,045. Round your answer to one decimal place. %
Expert Answer:
Answer rating: 100% (QA)
a Discount 700 2 14 Now this 2 is for 20 days so for 360 da... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
Students also viewed these accounting questions
-
Based on your understanding of the content in Practical (Complement-mediated lysis of red blood cells) , if you were to repeat this experiment again, what reaction could you include to serve as a...
-
In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process illustrated in the chapter to record the adjusting entry at the end of the current...
-
Calculating EAR Find the EAR in each of the following cases: Stated Rate (APR) Number of Times Compounded Effective Rate (EAR) Quarterly Monthly 18 10 Daily 14 Infinite
-
In a small university, the Computer Science Department has six faculty members. However, each faculty member belongs to only the computer science department. This type of relationship is called a....
-
A nine-month American put option on a non-dividend-paying stock has a strike price of $49. The stock price is $50, the risk-free rate is 5% per annum, and the volatility is 30% per annum. Use a...
-
A block of mass \(m\) is attached to a spring of stiffness \(k\) and viscous damper of damping coefficient \(c\) and slides on a horizontal surface with a coefficient of friction \(\mu\). Let...
-
When the pump shown in Fig. P8.88 adds 0.2 horsepower to the flowing water, the pressures indicated by the two gages are equal. Determine the flowrate. Length of pipe between gages \(=60...
-
Quinn Corporation is subject to tax in States G, H, and I. Quinns compensation expense includes the following. Officers' salaries are included in the payroll factor for G and I, but not for H....
-
5. Given the radius of the Earth and the mass of the Earth are 6.37 106m and 5.98 1024 kg respectively, if the radius of the moon is 0.2725 times that of the Earth's radius and the mass of the moon...
-
Target Corporation reported the following on its income statement. For 12 Months Ended ($ millions) Feb. 2, 2019 Feb. 3, 2018 Jan. 28, 2017 Total revenue $75,356 $72,714 $70,271 Cost of sales 53,299...
-
The Prescriptions-R-X chain of pharmacies has offered to give you a free lifetime supply of medicine if you could fix their database design shown in the following figure. To fix this design you need...
-
how to write a memorandum of advice. A legal memorandum (memo) may be addressed to a colleague or a supervisor in a law firm. Memos usually outline the legal issues in a client's case, and your...
-
Rights and Remedies upon Default In event of default Secured party may take possession of the goods and sell them to recover the amount owed Creditor usually hires bailiff Right to redeem: debtor...
-
8 0 miles per hour east . 9 0 miles per hour west. How long will it take to be 2 0 4 miles apart?
-
Apply the scope of employment checklist of factors below in to determine whether the employees in the following situations were acting within the scope of their employment at the time of the...
-
Yes, while it is true what you stated, that "When there is a rumor about something, most people are going to go digging to find out the truth and form their own opinion," the problem is all the...
-
Which function grows faster: f(n)=n! or g(n) = n"? WHY? [Extra Credit] [10pts]. a) Draw graphs of both and analyze the behavior for n->00. b) Prove by mathematical induction that n!
-
The Higher the time period of the financial security the higher the. ............... risk. O a. Maturity O b. Default and Maturity Oc. Default O d. Liquidity
-
On January 1 of this year, Nowell Company issued bonds with a face value of $ 100,000 and a coupon rate of 8 percent. The bonds mature in five years and pay interest semiannually every June 30 and...
-
Wakon Company earned $3.25 per share and paid dividends of $0.75 per share. The company reported a dividend yield of 3 percent. What was the price of Wakon's stock?
-
Several years ago, Walters Company issued bonds with a face value of $l .000,000 at par. As a result of declining interest rates, the company has decided to call the bond at a call premium of 5...
-
What are the stages in the product life cycle?
-
What is the hype cycle?
-
What is meant by the term agile innovation?
Study smarter with the SolutionInn App