Imagine you own a small business. Complete the billing invoice below based on your business and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Imagine you own a small business. Complete the billing invoice below based on your business and then answer the questions on the next page. PARTI: THE INVOICE All blanks must be completed. Decimals should be rounded to the nearest cent. Discount term should be a series discount. Payment terms should include EOM. Company Name 111 Corporate Drive CEO: Lexington, KY 40508 Your Name Billing Invoice For extra credit, add a company logo here! Sold To: Jane Doe 555 Any Lane Any City, KY 40511 Invoice Number 100234 Invoice Date Item Number Description Discount Terms: *Note: Shipping is a % of Net Cost Shipping Terms: FOB Destination Payment Terms: Unit Price Quantity Total $ $ $ S $ $ $ $ Subtotal: $ Trade Discount $ NET COST: S $ 6% Sales Tax: $ 8% Shipping* Prepay & Add $ Invoice Total: $ 1) What is the Net Cost Equivalent/Net Decimal Equivalent for your chosen discount terms? Write your answer as a decimal rounded to 5 places. 2) What is the total trade discount as a Single Discount Equivalent? Write your answer as a percent rounded to 3 places. 3) After subtracting trade discounts and adding tax and shipping, the invoice total is what percent of the subtotal? Does this represent an overall percent increase or percent decrease? 4) a. By what date would your invoice have to be paid to receive the maximum cash discount? b. By what date is the net amount due? 5) Using percent multipliers, calculate the net amount due (not including tax or shipping) if the invoice was paid in time to receive the maximum cash discount. 1) 3) 4a 4b] 5) 6) Using percent multipliers, calculate the net amount due (not including tax or shipping) if you assessed a 396 late penalty? 6) 7) if a partial payment of 50% of the net cost was paid during the cash discount period, calculate The credit given for the partial payment b. The balance due on the invoice (not including tax or shipping) 7b Imagine you own a small business. Complete the billing invoice below based on your business and then answer the questions on the next page. PARTI: THE INVOICE All blanks must be completed. Decimals should be rounded to the nearest cent. Discount term should be a series discount. Payment terms should include EOM. Company Name 111 Corporate Drive CEO: Lexington, KY 40508 Your Name Billing Invoice For extra credit, add a company logo here! Sold To: Jane Doe 555 Any Lane Any City, KY 40511 Invoice Number 100234 Invoice Date Item Number Description Discount Terms: *Note: Shipping is a % of Net Cost Shipping Terms: FOB Destination Payment Terms: Unit Price Quantity Total $ $ $ S $ $ $ $ Subtotal: $ Trade Discount $ NET COST: S $ 6% Sales Tax: $ 8% Shipping* Prepay & Add $ Invoice Total: $ 1) What is the Net Cost Equivalent/Net Decimal Equivalent for your chosen discount terms? Write your answer as a decimal rounded to 5 places. 2) What is the total trade discount as a Single Discount Equivalent? Write your answer as a percent rounded to 3 places. 3) After subtracting trade discounts and adding tax and shipping, the invoice total is what percent of the subtotal? Does this represent an overall percent increase or percent decrease? 4) a. By what date would your invoice have to be paid to receive the maximum cash discount? b. By what date is the net amount due? 5) Using percent multipliers, calculate the net amount due (not including tax or shipping) if the invoice was paid in time to receive the maximum cash discount. 1) 3) 4a 4b] 5) 6) Using percent multipliers, calculate the net amount due (not including tax or shipping) if you assessed a 396 late penalty? 6) 7) if a partial payment of 50% of the net cost was paid during the cash discount period, calculate The credit given for the partial payment b. The balance due on the invoice (not including tax or shipping) 7b
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Imagine you own a small business and after a year in business you have decided to hire a bookkeeper for 2 hours every Friday to bring your books up to date and to process payroll. You want the work...
-
Consider the following information for a company: Sales (all credit): $6,000,000; Cost of Goods Sold: 80% of Sales; Accounts receivable: $350,000; Inventory: $600,000; Accounts payable: $150,000 What...
-
Imagine a giant dry-cleaners bag full of air at a temperature of -35C floating like a balloon with a string hanging from it 10 km above the ground. Estimate what its temperature would be if you were...
-
A population consists of a batch of 25,344 aspirin tablets, and it includes 1,014 that are defective because they do not meet specifications. A random sample of n = 250 of the tablets is obtained and...
-
Two serious environmental problems have received considerable attention over the past three decades: (a) The serious depletion of ozone in the Earth's stratosphere, especially over the North and...
-
Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense? (Hint: Write out the headings for an income statement...
-
On a level football field, a football is projected from ground level. It has speed 12.0 m/s when it is at its maximum height. It travels a horizontal distance of 75.0 m. Neglect air resistance. What...
-
Think about the decisions that you have made regarding your course of study or career. In a post to the discussion, answer the following questions: What has guided your decisions? Do you rely more on...
-
The long run is defined as: a . ten years b . one year c . depends on the situation d . when at least one input is fixed
-
In the short run: a. only fixed costs exist b. only variable costs exist c. both fixed and variable costs are present d. neither fixed nor variable costs are present
-
In a situation of negative economic profits: a. the costs of production cannot be paid b. accounting profits are negative c. accounting profits could be positive or negative d. the firm will shut down
-
When economic profits equal zero: a. the firm should shut down b. the firm must increase profits c. the resources employed by the firm are underpaid d. resources are earning exactly what they are...
-
Economic profits are: a. accounting profits b. total revenue minus accounting costs c. total revenue minus accounting costs and opportunity costs d. total revenue minus marginal costs
-
When a computer company increases the internal storage space for the same price, it is following a A. focusing strategy B. low-cost strategy C. differentiation strategy D. strategic positioning...
-
TRUE OR FALSE: 1. Banks with a significantly large share of fixed-interest rate home loans are less exposed to interest rate risks. 2. Although Australian banks are pretty big, they are not...
-
Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two direct-cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool,...
-
Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two direct-cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool,...
-
Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two direct-cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool,...
Study smarter with the SolutionInn App