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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

Red Tag Furniture received a SeaLand container of sofas from Thailand on April 14. The invoice, dated March 2. was for $46,230 in merchandise and $2,165 in shipping charges. The terms of sale were 3/15 ROG. Red Tag Furniture made a partial payment of $15,000 on April 27.

a. What is the net amount due?

b. What is the net date?

(a)

To determine

To calculate: The net amount due if Red Tag Furniture received a sea land container of sofas from Thailand on April14, amount of invoice is $46,230, shipping charge is $2,165, terms of sale is 3/15ROG and partial payment is $15,000 on April27.

Explanation

Given Information:

The Red Tag Furniture received a sea land container of sofas from Thailand on April14, amount of invoice is $46,230, shipping charge is $2,165, terms of sale is 3/15ROG and partial payment is $15,000 on April27.

Formula used:

Follow the steps to compute the partial payment due and net amount due.

Step 1: Partial payment due is computed by dividing the partial payment by complement of the cash discount rate.

Partial payment due=Partial payment100%Cash discount 

Step 2: Net amount due is computed by subtracting partial payment due from the net price.

Net amount due=Net pricePartial payment due

Calculation:

Consider that The Red Tag Furniture received a Sea Land container of sofas from Thailand on April14, amount of invoice is $46,230

(b)

To determine

To calculate: The discount date and net date if Red Tag Furniture received a Sea Land container of sofas from Thailand on April14, amount of invoice is $46,230, terms of sale is 3% of cash discount is offered if the invoice is paid within 15 days.

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