tes Web Slice Gallery Connect c - Yahoo Search Results Help Save & ExitSubmit Sa

Question

tes Web Slice Gallery Connect c - Yahoo Search Results Help Save & ExitSubmit Saved pters 4, 5,6) 6 MC Qu. 156 A company purchases merchandise... A company purchases merchandise with a catalog price of $24,000. The ompany receives a 40% trade discount from the seller. The seller also offers credit terms of 1/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise? :30 Multiple Choice $14,744 $14,400 K Prev 16 of 30 Next> 18

Explanation / Answer

Total payable after trade discount = 24000 * (1 – 40%)

                                                               = 24000* .6

                                                                = 14400

Moreover the seller also offer a cash discount if the payment is made within 10 days of billing there will be additional 1% discount

Discount = 14400 * 1%

                  = 144

Net cost of purchase = 14400 – 144

                                        = $14256

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