Backstreet books, inc., an eclectic book and music store near a large college campus, is a reseller. the operation buys books almost every day. deliveries are constantly part of the day-to-day operation of the firm. the transportation company that delivers to backstreet books provides this service on trade credit terms of 3/5, net 30. this means the firm

a) will receive a 5% discount if they pay within the first three days, but the entire bill is due in 30 days
b) will pay 30% of the charge on delivery and the rest within 5 days
c) is offered a 3% discount if it pays during the first 5 days. the entire bill is due in 30 days
d) will receive 10% discount on the first 5% of the order. the entire bill is due in 30 days

phillips, inc. had the following financial data for the year ended december 31, 2019. cash $ 41,000 cash equivalents 75,000 long term investments 59,000 total current liabilities 149,000 what is the cash ratio as of december 31, 2019, for phillips, inc.? (round your answer to two decimal places.)

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.