A sales invoice included the following information: merchandise price, $6,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a credit for merchandise returned of $700 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. S7,040 Ob. $693 Oc. $8,426 Od. $7,733
A sales invoice included the following information: merchandise price, $6,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a credit for merchandise returned of $700 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. S7,040 Ob. $693 Oc. $8,426 Od. $7,733
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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