In addition to issuing its own charge cards to customers, Maxwell Company, a ret
ID: 2423735 • Letter: I
Question
In addition to issuing its own charge cards to customers, Maxwell Company, a retail store, accepts Visa and MasterCard. Assume Maxwell Company is charged a 2% processing fee by both Visa and MasterCard. Maxwell bills its charge customers on the second day of the month following the purchase. The following sales were made during the month of June: Cash sales $52,975 Visa $15,020 MasterCard $10,114 Maxwell’s charge card $19,063 What is the amount of cash Maxwell Company received during the month of June?
Explanation / Answer
Answer : Cash Received by Maxwell Company during month of June
Cash Sales 52975.00
Cash Received from Visa =15020-15020*2% = 14719.60
Cash Received from Master Card = 10114-10114*2% = 9911.72
Total Cash received = $ 77606.32
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