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 manufacturing company produces steel housings for electrical equipment. The main component part of the housing is a steel trough that is made out of a 14-gauge steel coil. It is produced using a...
-
The slope of the security characteristic line is an assets: A. Beta. B. Excess return. C. Risk premium.
-
Pileri Industries shipped goods to Consolidated Industries, Inc., via a common carrier. The goods were lost in transit. Pileri claimed that the sale was a shipment contract, thus putting the risk of...
-
1. What is the percentage return earned by Darin if he acquires 100 shares, holds the stock for a year, and sells the stock for $80? 2. What is the percentage return earned by Victor if he acquires...
-
Consider graph G below. We want to construct a minimum spanning tree out of that. In what order are edges will be added to the Minimum Spanning Tree (MST) using Kruskal's Algorithm? Order is from...
-
Although the company has already established medical and retirement plan benefits, Toni Prevosti wants to consider other benefits to attract employees. As the companys accountant, you have been...
-
A boy walks 4.0m East and 3.0 m North. What is his resultant displacement vector? 5.0 m, 37 deg N of E 5.0 m, 37 deg E of N 5.0 m , 37 deg N of W 5.0 m, 37 deg w of N
-
How does the phenomenological approach in qualitative research facilitate a deeper understanding of lived experiences?
-
Your grandpa met a stock broker at the supermarket who convinced him to spend $10K on Tesla stocks. This stock broker does have a valid license from the government. Still, what are the things that...
-
Check Each Of Following , - is a decreasing sequence; that is, show that 1. Show that the sequence 2 3 4 5 6 7 - - - 1'2'3'4'5'6' (n + 1) term in the sequence is less than the nth term.
-
1) h C b 2) S S b = 9.17 mm a = 4.4 mm c = 9.8 mm h = 4.1 mm Area: Perimeter: Type: s = 5.5 yds h = 4.8 yds Area: Perimeter: Type: 5) 4) b a h C S S S h S a = 5.81 cm b = 8.48 cm c = 9.3 cm h = 5.2...
-
Sam Inc. is a 90% owned subsidiary of Paul Corp. Paul sold land to Sam for $100,000 that originally cost Paul $50,000. Paul uses the fully adjusted equity method. What adjustment is needed on Paul's...
-
Highlight the critical role that organizational structures play in determining how work is delegated, how decisions are made, and how communication flows within a company.
-
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...
-
Form groups of five. Each group will analyze recent cases of terrorist attacks where expatriates were the target. Each team will present its findings to the entire class for approximately 10 minutes,...
-
If you were asked to design a set of incentives to induce expatriates to accept an assignment in a risky area, how would you set this up? And once the expatriate accepts the assignment, how would you...
-
Do some research to learn why many multinationals prefer to send expatriates overseas rather than hire locals in dangerous areas. Based on your research, what are the advantages and disadvantages of...
Study smarter with the SolutionInn App