You place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of 1/15, net 90. a-1. How long do you have to pay before the account is overdue? Days until overdue days a-2. If you take the full period, how much should you remit? (Omlt "$" sign In your response.) Remittance $ b-1. What is the discount being offered? Discount offered Remittance % b-2. How quickly must you pay to get the discount? Number of days days b-3. If you do take the discount, how much should you remit? (Omit "$" sign In your response.) $ c-1. If you don't take the discount, how much interest are you paying implicitly? (Omit "$" sign In your response.) Implicit interest $ c-2. How many days' credit are you receiving? Days' credit days

You place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of 1/15, net 90. a-1. How long do you have to pay before the account is overdue? Days until overdue days a-2. If you take the full period, how much should you remit? (Omlt "$" sign In your response.) Remittance $ b-1. What is the discount being offered? Discount offered Remittance % b-2. How quickly must you pay to get the discount? Number of days days b-3. If you do take the discount, how much should you remit? (Omit "$" sign In your response.) $ c-1. If you don't take the discount, how much interest are you paying implicitly? (Omit "$" sign In your response.) Implicit interest $ c-2. How many days' credit are you receiving? Days' credit days

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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please send correct answer Q2
A buyer who purchases merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount.
Direction: Complete the Table. Compute what is asked for. Give the exact amount. Use PESO SIGN. NO DECIMAL PLACES. ROUND-OFF Nearest peso. If your answer is NONE OR ZERO, PUT a 0 on the space. Name of Buyer Cost of Merchandise Trade Discount Cash Discount Date of Purchase Date Paid Returns made after 5 days purchase FOB Freight Charges Freight charges paid by Name of Buyer Trade discount, if any Invoice Price (before any reams) Purchase discount to be recorded upon payment Amount of Cash (payment) to be credited Company Aster 320,000 12% 1/10, n/eom 15-March-10 21-March-10 21,000 Shipping point 4,100 Buyer Company Aster A B C D Company Bougainvillea 65,000 5%,3%,2% 2/eom.n/45 15-Mar-10 25-Mar-10 3,100.00 Shipping point 1,200.00 Buyer Company Bougainvillea E F G T H Company Calabachi 105,000 1/15,2/10, n/eom 15-Mar-10 27-Mar-10 Destination 2,500.00 Seller Company Calabachi I J K L Company Daisy 25,300 P500 discount for every P5,000 purchased 15-Mar-10 16-Mar-10 Destination 1,100 Seller…
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