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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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 $17,700 including $550 shipping charges from Mohawk Carpet Mills on May4, carpet costing $1,390 will be returned, arrival of shipment May26 and terms of sale are 2/10,n/30 ROG.

Explanation

Given Information:

The Empire Carpet Company order merchandise for $17,700 including $550 shipping charges from Mohawk Carpet Mills on May4, carpet costing $1,390 will be returned, arrival of shipment May26, terms of sale is 2% of cash discount is offered if the invoice is paid within 10 days and n of cash discount is offered if the invoice is paid within 30 days.

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 $17,700

(b)

To determine

To calculate: The amount sent to Mohawk if Empire Carpet Company order merchandise for $17,700 including $550 shipping charges from Mohawk Carpet Mills on May4, carpet costing $1,390 will be returned and arrival of shipment May26.

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