Question

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? a. $12,285 b. $11,385 c. $11,500 d. $10,480

Name: a sales invoice included the following information merchandise price 12000 terms 110 neom fob shipping point with prepaid freight of 900 added to the invoice assuming that a credit for merch 84065
Uploaded: 2022-12-09T20:18:07-08:00
Duration: 3 min 11 s
Channel: Manasvee Singh
Description: a sales invoice included the following information merchandise price 12000 terms 110 neom fob shipping point with prepaid freight of 900 added to the invoice assuming that a credit for merch 84065

          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? a. $12,285 b. $11,385 c. $11,500 d. $10,480

Added by Karen H.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Manasvee Singh

12/09/2022

Step 1

Step 1: Calculate the net sales amount Net Sales = Sales - Sales Return Net Sales = $12,000 - $500 Net Sales = $11,500 Show more…

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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? a. $12,285 b. $11,385 c. $11,500 d. $10,480