Question

est 0 Help Save & Exit Submit Stacy's Dress Shop received a $1,090 invoice dated July 12 with 2/10, 1/15, n/60 terms. On July 26. Stacy's sent a $246 partial payment a. What credit should Stacy's receive? (Round your answer to the nearest cent.) Credit b. What is Stacy's outstanding balance? (Round your answer to the nearest cent.) Outstanding balance < Prev 6 of 20 !! Next >

Answer 1

The answer has been presented in the supporting sheet. All the paarts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

А в D E F G H I J C Answer 3 Part 1) 4 Credit should stacy's receive = amount paid /(1- cash discount) 5 = 246/(1-1%) 6 = $ 248.48 8 Thus the correct answer is $ 248.48 10 Note 11 The cash discount will be 1 %, as payment has been made after 10 days, but before 15 days, so discount will be 1% 14 Part 2) 15 Stacy's Outstanding Balance = invoice - credit received 16 = 1090 - 248.48 17 = $ 841.52 18 19 Thus the correct answer is $ 841.52