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What amount should colors remit to rainbow

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Reference no: EM132836926

Problem 1: On May 9, 2020, RAINBOW Corporation sold merchandise with a list price of ?150,000 to COLORS on account. RAINBOW allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made FOB Shipping point. RAINBOW prepaid ?6,000 of delivery costs for COLORS as an accommodation. What amount should COLORS remit to RAINBOW as full payment on May 24, 2020?

a. ? 88,200
b. ? 94,200
c. ? 82,320
d. ? 88,320

Reference no: EM132836926

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