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Mike P.
Student Instructor for Accounting
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Basic Math
TutorMe
Question:

A company offers a 12 percent discount on purchases over $500.00. Someone comes into the store and wants to buy $842.00 worth of material how much is the customer discounted in dollars for this purchase?

Mike P.
Answer:

Take 842 and multiply it by .12, representing 12 percent, and the answer is: 101.04. This is the amount that the customer will be discounted.

Business
TutorMe
Question:

What are the four P's of marketing?

Mike P.
Answer:

Place, Product, Promotion, and Price

Accounting
TutorMe
Question:

Beginning of the year balance of Accounts Receivable is: $423,000 Total Credit Sales that were collected on during the year is: $1,161,000 Ending of the year balance of Accounts Receivable is: $222,000 What is the Total Credit Sales for the year (collected and uncollected)? What is the Accounts Receivable turnover rate?

Mike P.
Answer:

The total credit sales for the year is $960,000. Solved like this: 423,000+X(Total Credit Sales)-222,000=1,161,000. Then solve for X. Accounts Receivable Turnover Rate=2.98 Solved like this: Take the net credit sales and divide it by the (Beginning AR balance+Ending AR Balance divided by 2).

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