Gross amount of invoice (freight charge already included) Net amount Freight charge Date of Terms of Date of Cash invoice invoice payment discount paid $ 950 None 8/9 4/10, 2/15, n/30 8/22 2$ O $
Gross amount of invoice (freight charge already included) Net amount Freight charge Date of Terms of Date of Cash invoice invoice payment discount paid $ 950 None 8/9 4/10, 2/15, n/30 8/22 2$ O $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Gross amount of
invoice (freight
charge already
included)
Date of
рayment
Terms of
Freight
charge
Date of
Cash
Net amount
invoice
invoice
discount
paid
$
950
None
8/9
4/10, 2/15, n/30
8/22
$
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Follow-up Question
Complete the following
| Invoice | Date goods are received | terms | last day of discount period | final day bill is due (end of credit period) |
| June 27 | 3/10 EOM |
Solution
by Bartleby ExpertFollow-up Question
Complete the following by calculating the cash discount and net amount paid:
(If more than one discount, assume date of last discount.)
| Gross amount of invoice (freight charge already included) | Freight charge | date of invoice | terms of service | date of payment | cash discount | net amount paid |
| $650 | None | 8/11 | 4/10,2/15, n/30 | 8/23 |
Solution
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