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?

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?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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1. 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 $35.50 each 20 teak buckets at $60.10 each 35 teak salad bowls at $54.90 each All items are subject to trade discounts of 31 2/3%, 6 1/2%, and 4%. If the shipment was received on April (a) 26, (b) what is the last day of the discount period? What is the amount due if the invoice is paid in full on May 10? (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 $2200?
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.)
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(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?