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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Using the ordinary dating method, calculate the discount date and the net date for the following transactions.

Date of Invoice Terms of Sale Discount Date(s) Net Date
11. August 18 2/24, n/55 ____ ______

To determine

To calculate: The discount date and net date if date of invoice is August4, 2% of cash discount is offered if the invoice is paid within 24 days and n of cash discount is offered if the invoice is paid within 55 days.

Explanation

Given Information:

The date of invoice is August4, terms of sale is 2% of cash discount is offered if the invoice is paid within 24 days and n of cash discount is offered if the invoice is paid within 55 days.

Formula used:

The discount date is computed by adding the number of days in the discount period to the date of invoice.

The net date is computed by adding the number of days in the credit period to the invoice date.

Calculation:

Consider that the date of invoice is August4, 2% of cash discount is offered if the invoice is paid within 24 days and n of cash discount is offered if the invoice is paid within 55 days.

Compute the discount date by adding the invoice date, that is, August4 and number of days, that is, 24 days

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