FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5​/20 R.O.G. for the items listed below.
100 teak trays at ​$35.70 each
30 teak buckets at $64.20 each
45 teak salad bowls at $55.60 each
 
All items are subject to trade discounts of 103/3​%, 19/2​%, and 6​%. Find the given below
 
​(a)
If the shipment was received on June 20​, what is the last day of the discount​ period?
​(b)
What is the amount due if the invoice is paid in full on July 8​?
​(c)
If only a partial payment is made on the last day of the discount period, what amount is needed to reduce the outstanding balance to $2000​?
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