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On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $3,500, terms 2/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $800. On June 24, SH completely
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32 votes
32 votes
On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $3,500, terms 2/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $800. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley

User Danbal
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1 Answer

24 votes
24 votes

Answer:

$2,646

Step-by-step explanation:

Calculation to determine the amount of cash paid by SH to Oakley

Cash paid=($3,500-$800)-[($3,500-$800)*2%]

Cash paid =$2,700-$54

Cash =$2,646

Therefore The the amount of cash paid by SH to Oakley is $2,646

User Balwant Kumar Singh
by
3.1k points
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