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aalyn [17]
3 years ago
11

Syfy Company on July 15 sells merchandise on account to Eureka Co. for $5,000, terms 2/10, n/30. On July 20 Eureka Co. returns m

erchandise worth $2,000 to Syfy Company. On July 24 payment is received from Eureka Co. for the balance due. What is the amount of cash received
Business
1 answer:
3241004551 [841]3 years ago
3 0

Answer:

The amount of cash received is $2940

Explanation:

The cash received by Syfy on July 24 will be for the amount due after accounting for sales return by Eureka and after deducting the sales discount / discount allowed.

The balance in accounts receivable account of Syfy after sales return by Eureka on July 20 will be,  5000 - 2000 = $3000

The payments terms allow a 2% discount if payment is made within 10 days of purchases. Eureka paid within the discount period thus it availed a discount of,

3000 * 0.02  =  $60

The amount of cash received by Syfy is = 3000 - 60  =   $2940

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Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserv
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