Answer:
The amount of cash received is $2,328
Explanation:
In the given question, it is mentioned that the nifty company sells on January 15 for $3,000 with term 3/10,n/30, means if the payment is given within 10 days then the company will give a 3% discount.
And, on January 20, Martinez returns $600 merchandise
And on January 24., the payment is received
So, first we have to compute the net sales amount which is calculated below:
= Sales - sales return
= $3,000 - $600
= $2,400
After that apply the 3% discount on the net sales, since the payment is paid within 10 days ( From January 15 to January 24)
So, the discount value would be
= $2,400 × 3%
= $72
So, the amount of cash received would be
= Net sales - discount
= $2,400 - $72
= $2,328
Hence, the amount of cash received is $2,328
