Jake's Big N Sporting Goods sells sporting goods and clothes in Omaha, On September 18, Jake (the owner) purchased $50,000 of merchandise from Chicago Wholesale Distributors fob shipping point, credit terms 3/10,n/30. On September 19, Jake purchased $45,000 of sporting goods and clothes from the Cincinnati Sports Wholesalers fob destination, credit terms 2/10,n/30. Both vendors hired KC Trucking Company to deliver the goods. The trucks carrying these goods collided on the Missouri river bridge between Omaha and Council Bluffs. Both drivers were "fished" out of the river and were not hurt. However, all of the merchandise was destroyed. Both suppliers have sent Jake's Big N Sporting Goods invoices and are expecting payment. The date is September 25. Advise Jake on what he should do and how much he should pay. Show your work. Explain your answer.
Jake's Big N Sporting Goods sells sporting goods and clothes in Omaha, On September 18, Jake (the owner) purchased $50,000 of merchandise from Chicago Wholesale Distributors fob shipping point, credit terms 3/10,n/30. On September 19, Jake purchased $45,000 of sporting goods and clothes from the Cincinnati Sports Wholesalers fob destination, credit terms 2/10,n/30. Both vendors hired KC Trucking Company to deliver the goods. The trucks carrying these goods collided on the Missouri river bridge between Omaha and Council Bluffs. Both drivers were "fished" out of the river and were not hurt. However, all of the merchandise was destroyed. Both suppliers have sent Jake's Big N Sporting Goods invoices and are expecting payment. The date is September 25. Advise Jake on what he should do and how much he should pay. Show your work. Explain your answer.
