Chapter 7, Problem 18AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Answer the following questions based on the Leisure Time Industries invoice on the following page.

The Empire Carpet Company orders merchandise for $17,700, including $550 in shipping charges, from Mohawk Carpet Mills on May 4. Carpets valued at $1,390 will be returned because they are damaged. The terms of sale are 2/10, n/30 ROG. The shipment arrives on May 26, and Empire wants to take advantage of the cash discount.

a. By what date must Empire pay the invoice?

b. As the bookkeeper for Empire, how much will you send to Mohawk?

**(a)**

To determine

**To calculate:** The discount date if Empire Carpet Company order merchandise for

Explanation

**Given Information:**

The Empire Carpet Company order merchandise for

**Formula used:**

The discount date is computed through ROG (receipt of goods dating) means that the terms of sale start at the day goods are received

**Calculation:**

Consider Empire Carpet Company order merchandise for

**(b)**

To determine

**To calculate:** The amount sent to Mohawk if Empire Carpet Company order merchandise for

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