Question
1-A man received an invoice dated March 9, with term 3/10, n/30 amounting to $520. He paid the bill on March 12. How much was
1-A man received an invoice dated March 9, with term 3/10, n/30 amounting to $520. He paid the bill on March 12. How much was the cash discount?
2-A man is an accounts payable officer for his company and must calculate cash discounts before paying invoices. He is paying bills on June 19 and has an invoice dated June 13 with terms 2/10, n/30. If the net price of the invoice is $1,296.33,
how much of a cash discount can the man take?
3-A director of accounts received a bill for $642, dated April 6, with sales terms 4/10, 3/15, n/30. A 3% penalty is charged for payment after 30 days. What amount is due if the bill is paid on or between April 17 and April 21?
4-An invoice for a camcorder that cost $1,230 is dated August 1, with sales terms of 4/10 EOM. If the bill is paid on September 7, how much is due?
5-An invoice for $400 is dated October 13 and has sales terms of 2/10 ROG. The merchandise arrives October 15.
How much is due if the bill is paid October 24?
6-Kariem Salaam is directing the accounts payable office and is training a new accounts payable associate. They are processing an invoice for a credenza that is dated August 19 in the amount of $388.18. The delivery ticket for the credenza is dated August 24. If the sales terms indicated on the invoice are 2/9 ROG, how much needs to be paid if the bill is paid on September 7?
7-A man has an invoice for a complete computer system for $3,967.34. The invoice shows terms of 3/10, 2/15, n/30. He can afford to pay $2,400 within 10 days of the date on the invoice and the remainder within the 30-day period. How much should be credited to the account for the $2,400 payment, and how much is still due?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started