Etcetera Clothing sold merchandise inventory on account at a price of $15,000 with payment terms of 2/10, n/30. The merchandise cost Etcetera Clothing $10,000. If the customer paid for the merchandise 5 days after receiving the invoice, how much cash was collected by Etcetera Clothing?

$14,700

Explanation:

We know,

2/10, n/30 means if a customer pays within 10 days, he/she will get a discount of 2% of his original purchase. However, the customer has to pay the full amount within 30 days.

As Etcetera Clothing received the payment within 5 days, the company gave a discount of 2% according to the terms. Therefore, Etcetera Clothing would receive =

$15,000 - ($15,000 × 2%)

= $15,000 - 300

= $14,700

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- courtney

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!