A retail merchandise trader purchased 400 Galaxy mobile phone @ RO 70 each from a Wholesale merchandise trader on 5th February 2020 under the credit terms of 5/20, n/60. The supplier offers a trade discount of 10% on amounts in excess of RO 8,000. (the trade discount will not be applicable for the first RO 8,000). Assuming that the retail merchandise trader paid full cash on 28th February 2020. The amount of cash paid by the retail merchandise trader to the wholesale merchandise trader was? a. 24,700 b. 18,000 c. 26,000 d. 17,100
A retail merchandise trader purchased 400 Galaxy mobile phone @ RO 70 each from a Wholesale merchandise trader on 5th February 2020 under the credit terms of 5/20, n/60. The supplier offers a trade discount of 10% on amounts in excess of RO 8,000. (the trade discount will not be applicable for the first RO 8,000). Assuming that the retail merchandise trader paid full cash on 28th February 2020. The amount of cash paid by the retail merchandise trader to the wholesale merchandise trader was? a. 24,700 b. 18,000 c. 26,000 d. 17,100
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 81BPSB
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A retail merchandise trader purchased 400 Galaxy mobile phone @ RO 70 each from a Wholesale merchandise trader on 5th February 2020 under the credit terms of 5/20, n/60. The supplier offers a trade discount of 10% on amounts in excess of RO 8,000. (the trade discount will not be applicable for the first RO 8,000). Assuming that the retail merchandise trader paid full cash on 28th February 2020. The amount of cash paid by the retail merchandise trader to the wholesale merchandise trader was?
a.
24,700
b.
18,000
c.
26,000
d.
17,100
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