Question

A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of $50 on June 16. What amount is received as payment in full on June 23?

Answer 1

Answer:

amount is received as payment in full on June 23 = $686

Explanation:

given data

credit sale = $750

terms = 2/10, n/30

return = $50

to find out

amount is received as payment in full on June 23

solution

first we get here amount to be made as payment that is

amount to be made as payment = $750 - $50

amount to be made as payment = $700

and there is a 2% discount when it paid in 10 days it will be = 2% of $700

= $14

so amount is received as payment in full on June 23 will be

amount is received as payment in full on June 23 = $700 - $14

amount is received as payment in full on June 23 = $686