Today, May 4th, you bought $9,500 worth of merchandise from your supplier. The credit terms are 2/7,
Question:
Today, May 4th, you bought $9,500 worth of merchandise from your supplier. The credit terms are 2/7, net 25. By what day do you have to make your payment to receive the discount?
O a. May 8th
© b. May 11th
O c. May 9th
O d. May 10th
O e. May 6th
The Import House placed an order today for one million Thai baht of furniture from Thailand. The furniture will be delivered and paid for one year from today. The spot price of the baht is 44.15. The annual inflation rate in Canada is 3% while the inflation rate in Thailand is 10%. The Import House elects to accept all of the exchange rate risk. How much should The Import House expect to pay for the shipment of furniture when it arrives?
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O a. $21,168
O b. $22,650
O c. $22,708
O d. $23,173
O e. $20,349
Expert Answer:
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
