FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A retailer purchases merchandise with a catalog list price of $30,000. The retailer receives a 15% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period?
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- an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling. the terms are : trade discount of 20/10 and cash discount 2/10,1/20,n/30. invoice is paid Oct 24 calculate the amount needed to pay the invoice in fullarrow_forwardBUS 038 : Business Computatns5. You buy goods at a list price of $820. If you receive a trade discount of 25% and terms are “2/15, n/30,” what amount must you pay if you pay within the discount period?arrow_forwardSharleen purchased merchandise with a list price of $27,985. She receives a 2% cash discount and a 21/18/12 trade discount. What is Sharleen’s outstanding balance if she makes a $4000 partial payment within the discount period?arrow_forward
- FOR PROFITS 19. The store accountant receives an invoice for $1,400.00 at list price, plus a $54 freight bill with trade discounts of 20 and 10. The in- voice is paid on time and earns an additional 2% cash discount. What is the net cost?arrow_forwardAngelina purchased merchandise with a list price of $6593.82. She receives a 2% cash discount and an 18/14/12 trade discount. What is Angelina’s outstanding balance if she makes a $3000 partial payment within the discount period?arrow_forwardA buyer who purchases merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount.arrow_forward
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