rks Window Help wwwawhalekscom ACC100 ALEKS WEEK 6 Creating

rks Window Help www-awh.aleks.com ACC100 ALEKS WEEK 6 Creating a basic ALEKS purchase instructions FIN 360-Spring 2018-FI.. LEKS HELP WORKSEETINE Gradebook Review | Dictionary Calculator Assignments yPie Assessment Progress Question #15 Stewart Company purchased goods with the following terms and details: Sales price, $10,000 Terms, 5/10, n/30 Date of sale, April 1 Date of payment, April 11 Returns and allowances (before payment), $1,400 Shipping, FOB Shipping Point, $205, prepaid by seller Required: Compute the amount that Stewart Company has to pay to the seller for the goods. Amount that is paid to the seller: Clear Undo Help Next >> I don\'t know SCOR

Solution

The credit term means we get 5% discount if payment made within 10 days, else the amount is due in 30 days. Net Amount to be paid to the seller = 10000 - 1400 = $        8,600.00 If you use date of invoice paid on 11 th day so no discount is receibalbe and we need to pay full due. $      8,600.00 If you use date of payment or receipt paid on 10 th day so 5% discount on payable to be deducted. 8,600 - (8,600*5%) $      8,170.00