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Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $70000. Credit terms were 2/10, n/30. The inventory was sold on account for $300000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct

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Answer:

On January 30 , 2022, customers should remit cash in the amount of $297,000

Explanation:

Calculation to determine Which statement is correct

Based on the information given the statement that is correct will be On January 30 , 2022, CUSTOMERS SHOULD REMIT CASH in the amount of $297,000 calculated as:

Cash= (Sales amount × (1−.01))

Cash =$300,000 ×(1-.01)

Cash =$300,000 × .99

Cash = $297,000

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