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1. (10 points) Dwarfs Inc. of Boston sold Evil Queen Company of New York compute

ID: 341244 • Letter: 1

Question

1. (10 points) Dwarfs Inc. of Boston sold Evil Queen Company of New York computer equipment with a $7,000 list price. Sale terms were 4/10, n/30. Dwarfs Inc. agreed to prepay the $400 freight with the understanding that the Evil Queen Company will pay for the freight at the time the invoice is due. Assume the Evil Queen Company pays the invoice within the discount period. How much does Evil Queern Company pay Dwarfs Inc.? If Evil Queen Company does not pay the invoice within the discount period, how much does the Evil Queen Company pay?

Explanation / Answer

a Amount paid within discount period = 7000*(1-0.04)+400= $7120 b Amount paid after discount period = 7000+400= $7400

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