1. How much is the trade discount? 2 When is the due date to pay the account? 3. What is the term of shipment?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem: Arlene bought Malong worth P56,000 with 5%, 3% trade discounts from Supplier from Mindanao on May 29, 2020. The Supplier gave Arlene a term of n/45 and the Supplier
will shoulder the shipping costs and the payment to the shipper.
1. How much is the trade discount?
2. When is the due date to pay the account?
3. What is the term of shipment?
Choose if: FOB Shipping Point - Freight Prepaid, FOB Shipping Point - Freight Collect, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect
Transcribed Image Text:Problem: Arlene bought Malong worth P56,000 with 5%, 3% trade discounts from Supplier from Mindanao on May 29, 2020. The Supplier gave Arlene a term of n/45 and the Supplier will shoulder the shipping costs and the payment to the shipper. 1. How much is the trade discount? 2. When is the due date to pay the account? 3. What is the term of shipment? Choose if: FOB Shipping Point - Freight Prepaid, FOB Shipping Point - Freight Collect, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect
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