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

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. 110 teak trays at $36.10 each 30 teak buckets at $65.40 each 40 teak salad bowls at $52.70 each All items are subject to trade discounts of 30,%, 7-%, and 4%. (a) If the shipment was received on April 28, what is the last day of the discount period? (b) What is the amount due if the invoice is paid in full on May 17? (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 $2100? (a) The last day for taking the cash discount is (Type a whole number.) (b) The amount due is $ (Round to the nearest cent as needed.) (c) The amount needed is S. (Round to the nearest cent as needed.)
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 $35.70 each 30 teak buckets at $64.20 each 45 teak salad bowls at $55.60 each All items are subject to trade discounts of 103/3%, 19/2%, and 6%. Find the given below (a) If the shipment was received on June 20, what is the last day of the discount period? (b) What is the amount due if the invoice is paid in full on July 8? (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 $2000?
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