Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES.   She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman.  Her terms of credit are 3/10, n/60 for all customers.  The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment.  Her selling price of Dates per kg is OMR 3 for all the customers. 1- Assume that a retail customer who purchased 10 kg of dates on 10th day of November 2020 and paid cash immediately. What will be the amount payable by the retail customer? 2- Assume that a wholesale trader who purchased 1000 kg of dates on 1st day of November 2020 and made the final payment on 11th day of November 2020. What will be the amount payable by the wholesale trader?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES.   She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman.  Her terms of credit are 3/10, n/60 for all customers.  The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment.  Her selling price of Dates per kg is OMR 3 for all the customers.

1- Assume that a retail customer who purchased 10 kg of dates on 10th day of November 2020 and paid cash immediately. What will be the amount payable by the retail customer?

2- Assume that a wholesale trader who purchased 1000 kg of dates on 1st day of November 2020 and made the final payment on 11th day of November 2020. What will be the amount payable by the wholesale trader?

Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Administration and Procedures
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education