AВCEFGHJK1Chapter 202Question 134Input Area:6.7Units3008Unit price$1409.Terms1% /1010Net301112Output Area:1415a. Days until accountis overdue161718Remittance19b. DiscountDiscount period202122Remittance23c. Implicit interestDays of credit24252627 1. Cash Discounts [LO1] You place an order for 300 unitsof inventory at a unit price of $140. The supplier offers termsof 1/10, net 30.a. How long do you have to pay before the account isoverdue? If you take the full period, how much should youremit?b. What is the discount being offered? How quickly must youpay to get the discount? If you do take the discount, howmuch shouldyouremit?701c. If you don't take the discount, how much interest are youpaying implicitly? How many days’ credit are you receiving?

A- 30 days pay before the account is overdue If take full period then you have to remit(300*140).=…

Answered: 300 140 1% / 10 30

Business

Accounting

300 140 1% / 10 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Cash Discounts [LO1] You place an order for 300 units
of inventory at a unit price of $140. The supplier offers terms
of 1/10, net 30.
a. How long do you have to pay before the account is
overdue? If you take the full period, how much should you
remit?
b. What is the discount being offered? How quickly must you
pay to get the discount? If you do take the discount, how
much should
you
remit?
701
c. If you don't take the discount, how much interest are you
paying implicitly? How many days’ credit are you receiving?

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