Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with trade discounts of 8% and 2 %. She is offered cash discount terms of, 15/10, n/30. Determine a) the amount she needs to pay on 28 April 2021 b)the amount outstanding if she pays RM 4000 on 25 April 2021.
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Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April
2021 with trade discounts of 8% and 2 %. She is offered cash discount terms of, 15/10,
n/30. Determine
a) the amount she needs to pay on 28 April 2021
b)the amount outstanding if she pays RM 4000 on 25 April 2021.
Step by step
Solved in 3 steps
- Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with trade discounts of 8% and 2 %. She is offered cash discount terms of, 15/10, n/30. Determine a) the single discount equivalent of the trade discount given. b) the net price after the trade discount. c) the last day to receive the 15% cash discount.Soledad receives a bill for P18,000 dated July 7 with terms 6/15, 4/30, n/60. What cash discount will she received if she pays (a) in 15 days; (b) on the 25th day; and (c) on the 40th day? Round to the nearest centavoMiss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?
- Zack borrowed $30,000.00 at 9% on July 23, 2020. He repaid $15,000.00 on October 21 and $10,000.00 on December 16. Determine the final payment required on February 12, 2021 using the Merchant's Rule.Sonny has paid the following gas bills in the year ended 31 December 2021: £3,000 for the 3 months ended 28 February 2021£4,500 for the 3 months ended 31 May 2021 £4,500 for the 3 months ended 31 August 2021£6,000 for the 3 months ended 30 November 2021 In March 2021 he received a bill for £6,000 for the 3 months ended 28 February 2022. What is the charge to P/L for rent for the year ended 31 December 2021? a) £24,000b) £18,000c) £20,000d) £19,0002. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.
- On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the Ordinary simple interest using exact time?zack borrowed $30,000 at 9 % on July 23, 2020. He repaid $15,000 on October 21 and $10,000 on December 16. Find the final payment required on the February 12, 2021 using merchant’ rule?Barry has paid the following insurance bills in the year ended 31 December 2020: £3,000 for the 3 months ended 28 February 2020 £2,500 for the 3 months ended 31 May 2020 £3,500 for the 3 months ended 31 August 2020 £3,000 for the 3 months ended 30 November 2020 In March 2020 he received a bill for £3,000 for the 3 months ended 28 February 2021 What is the charge to P/L for rent for the year ended 31 December 2020? a) £10,500 b) £12,500 c) £14,000 d) £12,000
- Liza needs P 67,500 on June 14, 2019. She plans to repay the loan on September 12, 2019. How much should she request from a lender whose discount rate is 9%.Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?Mohammed received a housing loan of RO 50,000 from Bank Sohar, Nizwa Soug branch on 1st January, 2020. For this purpose, he and the branch manager signed a loan contract and Mr. Mohammed agreed to repay the loan in monthly installments. From the above scenario what type of relationship that Mr. Mohammed and Bank Sohar are having? Who is having the liability and when the liability will expire? Explain in your own way.