Question
Bruce receives an invoice amounting to $2183 with cash terms of 5/20, n/45 and dated November 29. If a partial payment of $1500 is made
Bruce receives an invoice amounting to $2183 with cash terms of 5/20, n/45 and dated November 29. If a partial payment of $1500 is made on December 15, find
(a) the credit given for the partial payment (how much the partial payment will reduce the debt by)Express your answer in 2 decimal places.
(b) the balance due on the invoice.Express your answer in 2 decimal places.
(NOTE THIS IS AN INCORRECT ANSWER:
468.75 credit
Explanation:
1500$(.31)
.31 was derived from 16 days from now.29 to Dec.15=468.75)
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
Cornerstones of Managerial Accounting
Authors: Maryanne Mowen, Don Hanson, Dan Heitger, David McConomy, Bradley Witt, Jeffrey Pittman
3rd Canadian edition
176530886, 176721231, 978-0176721237
