The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date. A. July 18 and May 25 B.June 18 and July 8 C.April 29 and May 19 D.June 8 and July 18
The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date. A. July 18 and May 25 B.June 18 and July 8 C.April 29 and May 19 D.June 8 and July 18
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 87PSB
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Question
The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date.
A. July 18 and May 25
B.June 18 and July 8
C.April 29 and May 19
D.June 8 and July 18
Transcribed Image Text:9:40
Formula Sheet and Tabl...
Business Math Formula Sheet
O.T. Rate = 1.5 x Regular Rate
Regular Pay = Regular Hours × Regular Pay Rate
O.T. Pay = 0.T. Hours × O.T. Pay Rate
Gross Pay
Reg. Pay + O.T. Pay
Tax = Tax Rate × Gross Pay
Net Pay = Gross Pay - Deductions
List Price = Net Cost + Net Cost Equivalent
Markup = Selling Price - Cost
• Markup on Cost = M ÷ C, then x 100
• Markup on Selling Price M + S, then x 100
Rate of Increase/Decrease =
Difference
Original
x 100%
Increase Problem: R =100% + % of increase
Decrease Problem: R =100% - % of decrease
Finding Base: B = P + R
Finding Part: P = R × B
Finding Rate: R = P ÷ B, then multiply by 100
Interest = Px R x T, when time is in years.
Interest Rate = 12×I÷(PxT) in months
%3D
Interest Rate = 52×I÷(PxT) in weeks
Interest Rate = 360×I÷(PxT) in days
• Maturity Value = P+ I
For compound interest:
i = interest rate + # of compound periods in 1 year
n = # of years x # of compound periods in 1 year
Compound Amount: FV = (Value from compound interest table) × PV
%3D
• Compound Interest = FV - PV
Amount to be depreciated = Cost – Scrap Value
Annual Rate of Depreciation = (1 ÷ # of years)
Annual Depreciation = Annual Rate of Depreciation x Amount to be depreciated
Percentage Method: Amount for One Withholding Allowance
Davroll Period
One Withholdina Allowance
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Transcribed Image Text:9:26
( Back FV and PV Tables.pdf Q
Compound Interest Table
İnterest Rate Per Compounding Period
1%
2%
Period
Period
1%
2%
3%
4%
5%
6%
8%
10%
1.08000
1.10000
1
1.01500
1.03023
1
1.01000
1.02000
1.02500
1.03000
1.04000
1.05000
1.06000
1.02010
1.04040
1.05063
1.06090
1.08160
1.10250
1.12360
1.16640
1.21000
1.03030
1.04568
1.06121
1.07689
1.09273
1.12486
1.15763
1.19102
1.25971
1.33100
4
1.04060
1.06136
1.08243
1.10381
1.12551
1.16986
1.21551
1.26248
1.36049
1.46410
4
1.05101
1.07728
1.10408
1.13141
1.15927
1.21665
1.27628
1.33823
1.46933
1.61051
1.06152
1.09344
1.12616
1.15969
1.19405
1.26532
1.34010
1.41852
1.58687
1.77156
7
1.07214
1.10984
1.14869
1.18869
1.22987
1.31593
1.40710
1.50363
1.71382
1.94872
7
1.08286
1.12649
1.17166
1.21840
1.26677
1.36857
1.47746
1.59385
1.85093
2.14359
9.
1.09369
1.14339
1.19509
1.24886
1.30477
1.42331
1.55133
1.68948
1.99900
2.35795
9
2.59374
10
1.28008
1.31209
10
1.10462
1.16054
1.21899
1.34392
1.48024
1.62889
1.79085
2.15892
11
1.11567
1.17795
1.24337
1.38423
1.53945
1.71034
1.89830
2.33164
2.85312
11
12
1.12683
1.19562
1.26824
1.34489
1.42576
1.60103
1.79586
2.01220
2.51817
3.13843
12
13
1.13809
1.21355
1.29361
1.37851
1.46853
1.66507
1.88565
2.13293
2.71962
3.45227
13
14
1.14947
1.23176
1.31948
1.41297
1.51259
1.73168
1.97993
2.26090
2.93719
3.79750
14
15
1.16097
1.25023
1.34587
1.44830
1.55797.
1.80094.
2.07893
2.39656
3.17217
4.17725
15
16
1.17258
1.26899
1.37279
1.48451
1.60471
1.87298
2.18287
2.54035
3.42594
4.59497
16
17
1.18430
1.28802
1.40024
1.52162
1.65285
1.94790
2.29202
2.69277
3.70002
5.05447
17
1.55966
1.59865
18
1.19615
1.30734
1.42825
1.70243
2.02582
2.40662
2.85434
3.99602
5.55992
18
19
1.20811
1.32695
1.45681
1.75351
2.10685
2.52695
3.02560
4.31570
6.11591
19
20
1.22019
1.34686
1.48595
1.63862
1.80611
2.19112
2.65330
3.20714
4.66096
6.72750
20
21
1.23239
1.36706
1.51567
1.67958
1.86029
2.27877
2.78596
3.39956
5.03383
7.40025
21
22
1.24472
1.38756
1.54598
1.72157
1.91610
2.36992
2.92526
3.60354
5.43654
8.14027
22
3.81975
5.87146
8.95430
23
1.97359
2.03279
23
1.25716
1.40838
1.57690
1.76461
2.46472
3.07152
24
1.26973
1.42950
1.60844
1.80873
2.56330
3.22510
4.04893
6.34118
9.84973
24
25
1.28243
1.45095
1.64061
1.85394
2.09378
2.66584
3.38635
4.29187
6.84848
10.83471
25
1.67342-1.90029- 2-15659-2.77247--- 3:55567- 4.54938
2.22129
26
1.29526 1.47271-
7.39635
11.918-18
-26
4.82235
7.98806
8.62711
27
1.30821
1.49480
1.70689
1.94780
2.88337
3.73346
13.10999
27
28
1.32129
1.51722
1.74102
1.99650
2.28793
2.99870
3.92013
5.11169
14.42099
28
29
1.33450
1.53998
1.77584
2.04641
2.35657
3.11865
4.11614
5.41839
9.31727
15.86309
29
30
1.34785
1.56308
1.81136
2.09757
2.42726
3.24340
4.32194
5.74349
10.06266
17.44940
30
Interest Rate per Compounding Period
1%
2%
Period
1%
2%
3%
4%
5%
6%
8%
10%
Period
1
.99010
.98522
.98039
.97561
.97087
.96154
.95238
.94340
.92593
.90909
Quick TIP
.98030
.97066
.96117
.95181
.94260
.92456
.90703
.89000
.85734
.82645
2
Period refers to
3
.97059
.95632
.94232
.92860
.91514
.88900
.86384
.83962
.79383
.75131
3
the number of
4
.96098
.94218
.92385
.90595
.88849
.85480
.82270
.79209
.73503
.68301
4
compounding
periods.
.95147
.92826
.90573
.88385
.86261
.82193
.78353
.74726
.68058
.62092
6.
.94205
.91454
.88797
.86230
.83748
.79031
.74622
.70496
.63017
.56447
7
.93272
.90103
.87056
.84127
.81309
.75992
.71068
.66506
:58349
.51316
7
8
.92348
.88771
.85349
.82075
.78941
.73069
.67684
.62741
.54027
.46651
9.
.91434
.87459
.83676
.80073
.76642
.70259
.64461
.59190
.50025
.42410
9.
10
.90529
.86167
.82035
.78120
.74409
.67556
.61391
.55839
.46319
.38554
10
11
.89632
.84893
.80426
.76214
.72242
.64958
.58468
.52679
.42888
.35049
11
12
.88745
.83639
.78849
.74356
.70138
.62460
.55684
.49697
.39711
.31863
12
13
.87866
.82403
.77303
.72542
.68095
.60057
.52032
.46884
.36770
.28966
13
14
.86996
.81185
.75788
.70773
.66112
.57748
.50507
.44230
.34036
.26333
14
15
.86135
.79985
.74301
.69047
.64186
.55526
.48102
.41727
.31524
.23939
15
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