Question
Stewart Company purchased goods from Lewis with the following terms and details. Sales price, $9,000 Terms, (1/10, n/30) Date of sale, April 6 Date of
Stewart Company purchased goods from Lewis with the following terms and details.
Sales price, $9,000
Terms, (1/10, n/30)
Date of sale, April 6
Date of payment, April 14
Shipping, FOB Destination, $70, prepaid by seller
Determine if Stewart, the buyer, qualifies for a cash discount, and who pays for shipping, Stewart or Lewis.
Does the buyer, Stewart, qualify for the discount?
Yes
No
Who pays for shipping?
Stewart, the buyer
Lewis, the seller
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Accounting Chapters 14-26
Authors: Carl Warren
27th Edition
1337272116, 978-1337272117
