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 each30 teak buckets at $64.20 each45 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?

Last day of the discount period = Date of receipt of shipment + Discount period

Answered: Import Exclusives Ltd. received an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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