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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

Calculate the cash discount and the net amount due for each of the following transactions.

Amount of Terms of Cash Net
Invoice Sale Discount Amount Due

6,010.20 4/10. n/30 ________ _______

To determine

To calculate: The cash discount and net amount due if amount of invoice is $6,010.20, 4% of cash discount is offered when the invoice is paid within 10 days and n of cash discount is offered if the invoice is paid within 30 days.

Explanation

Given Information:

The amount of invoice is $6,010.20, 4% of cash discount is offered when the invoice is paid within 10 days and n of cash discount is offered if the invoice is paid within 30 days.

Formula used:

Follow the steps to compute the cash discount and net amount due.

Step 1: The cash discount is computed by multiplying the net price by the cash discount rate.

Cash discount=Net price×Cash discount rate

Step 2: The net amount due is computed by subtracting cash discount from the net price.

Net amount due=Net priceCash discount

Calculation:

Consider that the amount of invoice is $6,010.20, 4% of cash discount is offered when the invoice is paid within 10 days and n of cash discount is offered if the invoice is paid within 30 days.

Compute the cash discount by substituting the net price to $6,010

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