   Chapter 7.IV, Problem 16RE Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section Contemporary Mathematics for Busin...

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

Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the following transactions. Unless otherwise specified, the net date is 20 days after the discount date. Date of Invoice Terms of Sale Discount Date Net Date 16. June 27 3/15, EOM

To determine

To calculate: The discount date and net date if date of invoice is June 27 and terms of sale is 3/15,EOM.

Explanation

Given Information:

The date of invoice is June27 and terms of sale is 3% of cash discount that will be offered, if the invoice is paid 15 days after the end of month of the invoice.

Calculation:

Consider that the date of invoice is June 27 and terms of sale is 3% of cash discount that will be offered, if the invoice is paid 15 days after the end of month of the invoice.

As, the discount date is computed through EOM (end of month) means that the terms of sale start after the end of the month of the invoice.

The invoice date is after the 25th of the month, June 27, the discount date is 3/15,EOM would be 15 days after the end of the month following the invoice month

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