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On December 28, 2021, Videotech Corporation (VTC) purchased 12 units of a new satellite uplink system from Tristar Communications for $22,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022.

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mchaid015

Answer:

$258,720

Explanation:

On January 6, 2022, VTC will pay the discounted amount of $258,720 because he paid the said obligation within the discounted period of 10 days based on the contract. Computation of said amount are as follow;

First, compute the gross amount

$22,000 x 12 units = $264,000

Second, compute the discount

$264,000 x 2% = $5,280

Lastly, deduct discount from the gross value to get the net amount of payment

$264,000 - $5,280 = $258,720 (ANSWER)

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