On April 1, Gerald Company sold merchandise with a list price of $75,000. For each of...
On April 1, Gerald Company sold merchandise with a list price of $75,000. For each of the sales terms below, determine the proper amount of cash received:
| Credit Terms | Date Paid | ||
|---|---|---|---|
| 1 | 1/15, n/30 | April 14 | |
| 2 | n/30 | April 28 | |
| 3 | 2/10, n/30 | April 8 | |
| 4 | 1/10, n/30 | April 15 |
Homework Answers
|
1. Discount applicable as paid within 15 days = 75,000 - 1% = 74,250 |
|
|
2. Discount is not applicable = 75,000 |
|
|
3. Discount is applicable = 75,000 - 2% = 73,500 |
|
|
4. Discount is not applicable = 75,000 |
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On April 1, Gerald Company sold merchandise with a list price of
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Question 1 Answer saved Marked out of 4.00p Flag question Cash Discount Calculations On April 1, Gerald Company sold merchandise with a list price of $75,000. For each of the sales terms below, determine the proper amount of cash received: 2 3 4 Credit Terms Date Paid 1/15, n/30 April 14 n/30 April 28 2/10, n/30 April 8 1/10, n/30 April 15 पी 2 $ पी 0 पी पी & Save Answers Next →
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