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A company purchased $10,100 of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight charge was $550 and was prepaid by the seller. On June 20, it returned $880 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:

a. $10,650.
b. $10,430.
c. $9,586.
d. $10,330.
e. $9,224.

Respuesta :

jafruevu

Answer:

c. $9,586.

Explanation:

Purchase value                     = $10,100

Less: merchandise return    = $880

Total value of merchandise = $9,220

As the company purchased merchandise on June 15 and paid for the merchandise on June 24, according to the term 2/10, n/45, the company received 2% discount from the remaining merchandise value.

$9,220 - ($9,220 × 2%)

= $9,036

As the company paid $550 for delivery expense, the cash paid on June 24 = $9,036 + $550 = $9,586.

Therefore, option C is the answer.

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