Problemon december 28 2012 piedmont supply co ships 155000, Ask an Expert

Accounting

Problem:

On December 28, 2012 Piedmont Supply Co. ships $155,000 of merchandise by common carrier to the Maxwell Company. The terms of the sale are 3/15, n/45, FOB destination. It takes 5 days for the merchandise to arrive at Maxwell Company. Both Piedmont Supply Co. and Maxwell Company have December 31 year-ends.

Required:

Question: What is the available sales/purchase discount? When is it available? If the discount is not taken, the invoice must be paid by what date?

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164306

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