Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them...
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Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date.
Additional information:
- Lamplight purchases 36 light fixtures for $15 each on August 1, invoice date August 1, with no discount terms
- Lamplight returns 24 light fixtures (receiving a credit amount for the total purchase price per fixture of $15 each) on August 3.
- Lamplight purchases an additional 20 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms.
- Lamplight pays $40 toward its account on August 22.
What amount does Lamplight Plus still owe to the supplier on August 30 rounded to the whole dollar?
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