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Homework answers / question archive / 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
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.
| 2 | 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. |
