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A credit sale of $5700 is made on April 25, terms 2/11, net/30, on which a return of $200 is granted on April 28. What a...

A credit sale of $5700 is made on April 25, terms 2/11, net/30, on which a return of $200 is granted on April 28. What amount is received as payment in full on May 4?

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Answer #1

Amount received as payment in full on May 4th is $5,390.

Supporting calculations:

Credit Sales $5,700
Less: Sales Returns ($200)
Amount receivable $5,500
Less: Discount allowed ($5,500*2/100) ($110)
Amount received as payment in full on May 4 $5,390

Therefore, amount received as payment in full on May 4th is $5,390.

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