Business, 11.03.2020 17:04 dominickstrickland

A sales invoice included the following information: merchandise price, $12,000; terms 1/10, n/eom; FOB shipping point with prepaid freight of $900 added to the invoice. Assuming that a credit for merchandise returned of $500 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller

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Answer from: dayantapia2007

The cash amount which the seller will receive is $12,285

Explanation:

The amount of discount is calculated on the basis of the credit term “1/10, n/eom”, where-

‘1’ denotes the percentage of sales discount that was offered.‘10’ denotes the total number of days, from the date of invoice within which the company should pay amount owed to become entitled to avail cash discount. ‘n/eom’ signifies that the company, which has been allowed a credit period by the “end of month”, will be allowed a discount of 1% if they make a prompt payment within 10 days. Net sales are computed in the working note by deducting the amount of sales return, that is $500, from the amount of sales, that is $12,000, which is equal to $11,500. Since the payment was made within the period of discount, sales discount is calculated as 1% of net sales, which is equal to $115.

The total cash amount which the seller will receive is calculated by subtracting sale return, that is $500 and sale discount, that is $115, from the gross amount of sales, that is $12,000. Then, add the amount of freight, that is $900, to the net amount of sales, which is equal to $12,285.

Answer from: Quest

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Answer from: Quest

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A sales invoice included the following information: merchandise price, $12,000; terms 1/10, n/eom; F...

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