At 31 October 2006 Zaid owed his suppliers $13,856. During the year to 31 October 2007, his payments to suppliers totalled s95,886, and at 31 October 2007 he owed $11,552. What is the value of Zaid's credit purchases for the year to 31 October 2007? $93,582 B 570,478 $121,294
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- On 1st November, 2012 Manoj owed Rs. 28,754 to his suppliers. During the year he paid his suppliers a total of Rs. 1,85,844. On 31st October, 2013 he owed Rs. 26,189. What was the vale of Manoj's credit purchases in the year to 31st October,20131. What is the current balance that Joe Doe owes? $1270.54 2.What is the total amount that Joe charged for this billing cycle? a. List the purchases that Joe made. 3. How much did Joe pay for his last payment? 4. Why was Joe charged $35 by the credit card company? 5. How much interest was Joe charged for this month? 6. What is the credit limit that Joe has for this credit card? a. What is Joe’s available credit? 7. What is APR for purchases for this credit card? 8. What is the minimum payment amount that Joe must make? 9. When is the due date for Joe to make a payment? 10. Did Joe take a cash advance on this credit card? 11.Why did you think the federal government requires that financial institutions place a “Total Minimum Payment Warning” on all credit card statements?On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the month
- 6) Jim is trying to calculate his available credit. The following information was recorded by him. His total credit line is $5,000. Previous Payments/ Balance Credits $4,421.27 $2,100 New Late Purchases Charge $889.10 $15 a) What is his new balance? b) What is his available credit? Finance Charge $12.43 New Balance Minimum Payment $251. The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel May 2: Credit sales to Bisham May 4: Credit sales to Cloe May 5: Credit sales to N.Roben May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben May 23: Credit sales to Cloe May 30: Credit sales to Axel €800 €500 €400 €700 €800 €600 €1,000 €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) (ii) Sales Ledger (C Transfer the total to the sales account in the General ledgerOn Jan. 01, 2021 Ricca Company’s accounts receivable balance is P75,000. On Jan. 13, the company sold items on credit worth P30,000 to Mr. Yuri. On Jan. 26, she has another sales worth P45,000 where 60% is on cash. On Jan. 27, he collected P12,500 from Mr. Yuri and another P5,000 the following day, Jan. 28. The related allowance for doubtful accounts has a balance of P6,000. Compute the carrying amount of accounts receivable of Ricca Company.
- Jim Garcia's monthly credit card statement has a previous balance of $405.67. It shows Jim's $300.00 payment. This month's new purchases were $12.50 and $142.32. The account posted a $45.90 credit and the finance charge was $7.65. What is the new balance?Help me with the problem: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?b) The following information is available for A. Hausiku a sole trader registered for VAT for the month of December 2016: • Sales on credit for the month of December 2016 amounted to N$164 250 net of VAT, N$199 564 gross; • Sales returns (all credit) for the month of December 2016 amounted to N$14 200 net of VAT, N$17 253 gross; • Purchases on credit for the month of December 2016 amounted to N$105 980 net of VAT, N$128 766 gross; • Purchases returns (all credit) for the month of December 2016 amounted to N$11 200 net of VAT, N$13 608 gross; • A. Hausiku pays N$11 000 in VAT to the Collector General monthly by direct debit on the 15th of every month. The VAT liability of A. Hausiku as at 1 December 2016 was N$15 460. 2 You are required to: Prepare the appropriate T accounts to record the above entries for the month of December
- Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: O a. Short-term notes receivables O b. Short term notes payables Oc. Receipt Od. InvoicePROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?Help me with the solution: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?