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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

For the following transactions, calculate the credit given for the partial payment and the net amount due on the invoice.

Amount of Terms of Partial Credit for Net
Invoice Sale Payment Partial Payment Amount Due

5 , 998.20

4 / 15. n / 60

3 , 200

_ _ _ _ _ _ _ _ _

_ _ _ _ _ _ _ _ _

To determine

To calculate: The credit for partial payment and net amount due if amount of invoice is $5,998.20, 4% of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $3,200.

Explanation

Given Information:

The amount of invoice is $5,998.20, 4% of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $3,200.

Formula used:

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

Step 1: The 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: The 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 amount of invoice is $5,998.20, 4% of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $3,200

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