Determine the Total Cost of a Purchase Paid for Within

question 92

Short Answer

Determine the total cost of a purchase paid for within the discount period with an invoice price of $7,000 and credit terms of 1/10, n/30 when $1,500 has already been returned for credit. The goods were purchased with freight terms of F.O.B shipping point and freight of $50.
$ ________

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Definitions:

Dred Scott Decision

A controversial 1857 U.S. Supreme Court ruling that African Americans, whether enslaved or free, could not be American citizens and therefore had no standing to sue in federal court.

Taney's Arguments

Refer to the judicial opinions and reasoning of Roger B. Taney, the fifth Chief Justice of the United States, particularly associated with the Dred Scott v. Sandford case which denied citizenship to African Americans.

Nature of Citizenship

Refers to the relationship between an individual and a state in which the individual owes allegiance to the state and in turn is entitled to its protection and the rights and responsibilities defined by the state's law.