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Nash's Trading Post, LLC on July 15 sells merchandise on account to Tayler Co. for $2800, terms 1/10, n/30. On July 20 Tayler Co. returns merchandise worth $1000 to Nash's Trading Post, LLC. On July 24 payment is received from Tayler Co. for the balance due. What is the amount of cash received?

Respuesta :

TomShelby

Answer:

Cash received 1,782

Explanation:

Sales Revenue 2,800

Return Goods 1,000 (customer return goods for this amount)

Sales after return 1,800 (original value less returns)

payment is due within discount period.

The terms are 1% discount within the first 10 days The payment is done at July 24th. Which is the nineth day.

1% discount of 1,800 = 18

Cash receipts 1,800 sale - 18 discounts = 1,782

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