19. assume that a company sold $4,500 of merchandise with trade credit terms of 1/10, n/30. if the customer…

19. assume that a company sold $4,500 of merchandise with trade credit terms of 1/10, n/30. if the customer made an authorized return of $500 of the goods and paid the amount owed within one week, what amount should the company receive? select... $3,910.00 $3,955.00 $3,960.00 $4,000.00

19. assume that a company sold $4,500 of merchandise with trade credit terms of 1/10, n/30. if the customer made an authorized return of $500 of the goods and paid the amount owed within one week, what amount should the company receive? select... $3,910.00 $3,955.00 $3,960.00 $4,000.00

Answer

Explanation:

Step1: Calculate net sales amount

Net sales = Initial sales - Return amount. Initial sales is $4500 and return is $500. So, net sales = $4500 - $500 = $4000.

Step2: Apply discount

The credit - terms 1/10, n/30 mean a 1% discount if paid within 10 days. The customer paid within one week (less than 10 days). Discount amount = Net sales×Discount rate = $4000×0.01 = $40.

Step3: Calculate amount received

Amount received = Net sales - Discount amount = $4000 - $40 = $3960.

Answer:

$3960.00