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Banks Company sold merchandise on account for $35,000 with terms 2/10, n/30. The cost of goods sold was $27,600. If the invoice is paid within the discount period, what is the amount of cash received by Banks Company?

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Answer:

The amount of cash received by Banks Company is $34,300

Explanation:

The computation of the cash received by the bank company is shown below:

= Merchandise amount - discount

where,

Merchandise amount is $35,000

And, the discount equal to

= Merchandise amount × discount percentage

= $35,000 × 2%

= $700

Now put these values to the above formula  

So, the value would equal to

= $35,000 - $700

= $34,300

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