
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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