Help me fast.......I will give Upvote. Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5/20 R.O.G. for the items listed below.100 teak trays at $39.70 each20 teak buckets at $6.90 each40 teak salad bowls at $52.70 eachAll items are subject to trade discounts of 33%, 5,%, and 5%.(a) If the shipment was received on April 26, what is the last day of the discount period?(b) What is the amount due if the invoice is paid in full on May 7?(c) If only a partial payment is made on the last day of the discount period, what amount is needed to reduce the outstanding balance to $2900?(a) The last day for taking the cash discount is(Type a whole number.)July18

Step 1 Two types of discount is allowed by the vendor to the buyer , First is trade discount which…

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Business

Accounting

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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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Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5/20 R.O.G. for the items listed below.
100 teak trays at $39.70 each
20 teak buckets at $6.90 each
40 teak salad bowls at $52.70 each
All items are subject to trade discounts of 33%, 5,%, and 5%.
(a) If the shipment was received on April 26, what is the last day of the discount period?
(b) What is the amount due if the invoice is paid in full on May 7?
(c) If only a partial payment is made on the last day of the discount period, what amount is needed to reduce the outstanding balance to $2900?
(a) The last day for taking the cash discount is
(Type a whole number.)
July
18

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