Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill

Question

Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26. Draw the "timeline” stated the initial date, the due date, and the day receives cash discount. 3. Loft Corporation received an RM945 invoice for kitchen ingredients with terms of 1/10, n/30. The firm could not pay the entire bill within 10 days but sent a check for RM500. Find : (a) the amount credited for the partial payment. (b) the balance due date on the invoice.

Help In Homework · Accepted Answer

Initial Date Cash discount received date The due date April 17 April 26 May 16 Sales Price on Invoice 580.00 Less:- Cash Discount@3% 17.40 Net Sales 562.60 3(a) Partial Payment amount 500.00 Add:- Discount (500/99X1) 5.05 Amount credited for partial payment 505.05 3(b) Total due on invoice 945 Less:- Partial payment 505.05 Balance due amount 439.95 Balance due date will be 30 days from invoice.

Why Choose Us?

0% AI Guarantee

24/7 Support

Plagiarism Free

Expert Tutors

100% Confidential

On-Time Delivery

Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26

Expert Solution

Archived Solution

Initial Date	Cash discount received date		The due date


	April 17	April 26		May 16

Sales Price on Invoice	580.00
Less:- Cash Discount@3%	17.40
Net Sales	562.60

3(a)

Partial Payment amount	500.00
Add:- Discount (500/99X1)	5.05
Amount credited for partial payment	505.05

3(b)

Total due on invoice	945
Less:- Partial payment	505.05
Balance due amount	439.95

Balance due date will be 30 days from invoice.