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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 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
17. September 1 3/20, ROG
Rec’d Oct. 3

To determine

To calculate: The discount date and net date if date of invoice is September 1 and terms of sale is 3/20,ROG Rec’d Oct.3.

Explanation

Given Information:

The date of invoice is September 1, discount date period starts on October3 and terms of sale is 3% of cash discount that will be offered if the invoice is paid within 20 days.

Calculation:

Consider that the date of invoice is September 1, discount date period starts on October 3 and terms of sale is 3% of cash discount that will be offered, if the invoice is paid within 20 days.

As, the discount date is computed through ROG (receipt of goods dating) means that the terms of sale start at the day goods are received.

Thus, the discount period starts on October 3, the date the good arrives

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