Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned...
Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned merchandise with an invoice amount of $2,100 and received full credit. a. If Xanadu Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar
Homework Answers
The amount of cash required for the payment is calculated below:
| $ | |
|---|---|
| Purchase | 10,200 |
| Less:Purchase Return | (2,100) |
| 8,100 | |
| Less:Discount ($8,100 * 1%) | (81) |
| Net Purchase | $8,019 |
The amount of cash required for the payment is $8,019
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