Company received invoice with terms 5/20 R.O.G. for the terms listed below. 90 teak trays at...

Company received invoice with terms 5/20 R.O.G. for the terms listed below.

90 teak trays at $31.90 each
25 teak buckets at $61.40 each
35 teak salad bowls at $57.90 each

All items are subject to trade discounts of 94/3%, 11/2%, and 6%.

a) if shipment was received on Sept 28, what is last day of discount period?

b) what is the amount due if invoice is paid on full on Oct 13?

c) if only partial payment is made on last day of discount period, what amount is needed to reduce the outstanding balance to $2200?

Solutions

Expert Solution

Calculations:

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Appliances received an invoice dated January 14th with terms 2/10 E.O.M. for the items listed below....

Appliances received an invoice dated January 14th with terms 2/10 E.O.M. for the items listed below. 4 refrigerators at $950 each less 20% and 4% 3 dishwashers at $719 each less 16 1/3%, 12.3%, and 3% (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is paid on the last day for taking the discount? (c) What is the amount of the cash discount if a partial payment...

Trade Credit 20-10. Legacy Enterprises received an invoice from its supplier. The terms of credit were...

Trade Credit 20-10. Legacy Enterprises received an invoice from its supplier. The terms of credit were stated as 3/15, n45. Calculate the effective annual interest rate on the trade credit. Commercial Paper 20-11. Callaway Krugs issues $2,000,000 in commercial paper for 90 days at a 3.8 percent discount yield. Calculate each of the following. a. Dollar amount of the discount b. Price of the commercial paper c. Effective annual interest rate on the commercial paper Effective Interest Rate 20-12. Lugash wants to buy...

Company X sells on a 3/20, net 90, basis. Company Y buys goods with an invoice...

Company X sells on a 3/20, net 90, basis. Company Y buys goods with an invoice of $2,000. a. How much can company Y deduct from the bill if it pays on day 20? b. How many extra days of credit can company Y receive if it passes up the cash discount? c. What is the effective annual rate of interest if Y pays on the due date rather than day 20?

Listed below are 5 terms followed by a list of phrases that describe or characterize the...

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the correct term. Phrase: 1. Presented fairly in conformity with GAAP. 2. The larger the better from a debt holder's perspective. 3. Expenses incurred but not yet paid. 4. Supported by a negotiable instrument. 5. Will be satisfied in the next year or the operating cycle, whichever is longer. Terms: Accrued liabilities Times interest earned ratio Unqualified opinion Notes...

A company received an invoice for $1734.68 dated October 9 with terms 6/15, 2/30, n/60. (a)...

A company received an invoice for $1734.68 dated October 9 with terms 6/15, 2/30, n/60. (a) If the invoice is paid on October 20, how much is to be paid? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) If the invoice is paid on November 6, how much is to be paid? (Round the final answer to the nearest cent as needed. Round all intermediate values to...

A company received an invoice for $3904.85 dated June 14 with terms 6/15, 2/30, n/60. (a)...

A company received an invoice for $3904.85 dated June 14 with terms 6/15, 2/30, n/60. (a) If the invoice is paid on June 20, how much is to be paid? (b) If the invoice is paid on July 11, how much is to be paid? (c) If the invoice is paid on August 10, how much is to be paid?

1. A company received an invoice for $3904.85 dated June 14 with terms 6/15, 2/30, n/60. ...

1. A company received an invoice for $3904.85 dated June 14 with terms 6/15, 2/30, n/60. (a) If the invoice is paid on June 20, how much is to be paid? Round the final answer to the nearest cent as needed. (b) If the invoice is paid on July 11, how much is to be paid? Round the final answer to the nearest cent as needed. (c) If the invoice is paid on August 10, how much is to be...

Fill in the blanks USING THE TERMS LISTED BELOW, (10 TERMS LISTED) CHOOSE THE BEST ANSWERS...

Fill in the blanks USING THE TERMS LISTED BELOW, (10 TERMS LISTED) CHOOSE THE BEST ANSWERS TO FILL IN THE BLANKS. Paragraph #1: Mark, an investor, examines the financial statements of Disney. He calculates gross profit of services and does a year-to-year variance comparison of service revenues and costs of services. Paragraph #2: Mark then compares the net income taking into account the non-cash activity of Disney (adding it back) as well as the other expenses that he feels do...

Assume you have received an invoice dated April 12, 2020 for $15,670.00 with terms of 2/10/n30....

Assume you have received an invoice dated April 12, 2020 for $15,670.00 with terms of 2/10/n30. How much will you pay, assuming you will send payment on Monday, April 20, 2020.

5. A department store received a $5,000 invoice for office supplies dated May 5th, with sales...

5. A department store received a $5,000 invoice for office supplies dated May 5th, with sales terms of 3/10, 2/15, and n30. A 6% late fee is applied to any invoice over 30 days. Find the cash discount and the net amount for the following: A) The invoice is paid on or before May 15th. B) The invoice is paid between May16th and May 20th. C) The invoice is paid between May 21st and June 4th. D) The invoice is...

Subjects