Cash discount and remittance calculationsfor each of the, Ask an Expert

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Cash Discount and Remittance calculations

For each of the following May Paz Abad Retailers purchases, assume that credit terms are 2/10, n/30 and that any credit memorandum was issued and known before Mary Paz Abad Retailers made the payments.

			Prepaid
	Purchases	Shipping Terms	Freight	Credit
a	P 12,000	FOB shipping point	(by seller)	Memo
b.	24,000	FOB destination	P 1,000	P 3,000
c.	28,000	FOB shipping point	2,400	2,000
d.	40,000	FOB shipping point		4,000

Required:
1. Determine the cash discount available.
2. Determine the cash remitted if the payment is made within the discount period.

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