Determining Amounts to be Paid on Invoices Determine the amount to be paid in fu

Question

Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period Freight Paid by Seller Returns and Merchandise Allowances a. $17,000 11,100 5,000 2,700 3,800 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 2/10, n/30 $900 1,300 500 400 $400 C. 100 C.

Explanation / Answer

Part - (a) =17,000-900 = 16,100 Part - (b) =11,100-1,300 - (11,100-1,300)*2% +400 = 9,800-196+400 = 10,004 Part - (c) =5,000-500-(5,000-500)*2% = 4,500-90 = 4,410 Part - (d) =2,700-400 - (2,700-400)*1%+100 = 2,300-23+100 = 2,377 Part - (e) 3,800 - (3,800*2%) = 3,724

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