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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. On April 28, Tazwell pays for half of the services provided, and on May 19 it pays for the other half. What is the total amount of cash McLean received?

a. $3,000

b. $2,700

c. $2,985

d. $2,970

To determine

Sales discounts:

The term 1/10,n/30 means that if a customer is paying in 10 days then the payment will be after a discount of 1% on the total value but if the customer is paying in 30 days then the payment will be made in full which means no discount.

To select:

The correct amount to be paid by Tazwell Corporation.

Explanation

As the Tazwell Corporation is paying half payment in 10 days i.e. on April 28, it means they will be getting a discount of 1% on the half payment amount.

Amount to be received by McLean=$1,500($1,500×1%)=$1,500$15=$1,485

As the Tazwell is paying the other half in 30 days i

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