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 $34.50 each 25 teak buckets at $66.90 each 45 teak salad bowls at $59.30 each All items are subject to trade discounts of 3 and 6% (a) If the shipment was received on April 23, what is the last day of the discount period? (b) What is the amount due if the invoice is paid in full on May 107 (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 $30007

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 $34.50 each 25 teak buckets at $66.90 each 45 teak salad bowls at $59.30 each All items are subject to trade discounts of 3 and 6% (a) If the shipment was received on April 23, what is the last day of the discount period? (b) What is the amount due if the invoice is paid in full on May 107 (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 $30007

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 11RE

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Question

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 $34.50 each
25 teak buckets at $66.90 each
45 teak salad bowls at $59.30 each
All items are subject to trade discounts of 3
and 6%
(a) If the shipment was received on April 23, what is the last day of the discount period?
(b) What is the amount due if the invoice is paid in full on May 107
(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 $3000?
(a) The last day for taking the cash discount is
(Type a whole number)

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