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Woody?s Cafe?s real estate tax of $1,110.85 was due on November 1, 2013




Question;Part A: Answer;each of the following questions. Be sure to show all work and calculations.;1. Woody?s Cafe?s real estate tax of $1,110.85 was;due on November 1, 2013. Due to financial problems, Woody was unable to pay his;cafe?s real estate tax bill until January 15, 2014. The penalty for late;payment is 8?% ordinary interest. Answer the following questions. (Round all;answers to the nearest cent.);(a) How much is the penalty Woody must pay?;(b) What did Woody pay on January 15?;2. Jane's April 1 inventory had a cost of $48,000;and a retail value of $70,000. During April, net purchases cost $210,000 with a;retail value of $390,000. Net sales at retail for Jane for April were $280,000.;Calculate the cost of ending inventory using the retail inventory method.;(Round to the nearest hundredth percent.);3. Use the below information to calculate the (a);net sales, (b) gross profit, (c) total operating expenses, and (d) net income.;Sales returns $700;Rent expense $1,288;Sales discounts $950;Depreciation expense $600;Cost of merchandise sold $7,600;Gross sales $20,900;Advertising expense $1,650;Salary expense $2,900;Heat expense $900;Part B: Answer;each of the following questions. Be sure to show all work and calculations.;1. Acme Track Incorporated received 360 pairs of;Nike running shoes. Each pair sells for $58. Acme found 1/9 of the pairs to be;defective and returned them. Assuming each pair cost Acme $26, what profit did;Acme make assuming all non-defective sneakers were sold?;2. The checkbook of Vance Company had a balance of;$2,210.55. The bank statement showed a balance of $4,918.18. The bank collected;a $2,000 note minus a $5 service charge. There was a deposit in transit of $610.88.;Several checks outstanding totaled $1,196.17. Vance collected $42.33 in;interest on the checking account. Vance recorded a $300 check for $400. The;bank service charge is $14.99. What is the adjusted reconciled balance?;3. Over the past month, 900 trucks were sold. Abe;sold 4 times as many as Joe. How many trucks did Abe sell, and how many trucks;did Joe sell?;4. Juan Sevez buys a new computer priced at $650.;He makes a down payment of 15%. How much of the purchase is not paid for?;(Round to nearest hundredth or hundredth as needed.);5. Find the amount of (a) net price and (b) trade;discount using the following information: Stove List $1,400, Chain discount;13/10/4.;6. Assume markup is based on cost. Solve for the;actual cost using the information below. Round your answer to the nearest cent.;Selling price $600, Markup percentage on cost 35%.;7. Mobilee Oil Company accepted a $10,000, 120-day;note dated March 3 at 8.112% to settle a past-due account receivable. Mobilee;Oil discounted the note to raise cash on May 10 at a discounted rate of 9%.;What proceeds did Mobilee Oil receive? Use ordinary interest.;8. Adjax bought a machine for $86,000. Its;estimated life is 10 years with a residual value of $6,000. Using the;straight-line method, what is the book value of the machine at the end of year;2?;9. A business's total sales, including a 5% tax;were $23,152.81. Calculate the (a) actual sales and (b) sales tax liability.;10. Jim Leary insured his bookstore with a fire;insurance policy of $90,000 at a cost of $0.58 per $100. Eight months later;his insurance company canceled the policy because of failure to correct a fire;hazard. What did Jim have to pay for the eight months of coverage?


Paper#52047 | Written in 18-Jul-2015

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