Ask Question
4 July, 14:39

Maplewood Supply received a $5,420 invoice dated April 15, 2015. The $5,420 included $320 freight. Terms were 3/10, 2/30, n/60. (If more than one discount, assume date of last discount.) a. If Maplewood pays the invoice on April 27, what will it pay?

+4
Answers (1)
  1. 4 July, 15:07
    0
    Maplewood will it pay $4,998 on April 27

    Explanation:

    Term 3/10, 2/30, n/30 means there is a discount of 3% is available on payment of due amount within discount period of 10 and discount of 2% is available on payment of due amount after 10 days and before 30 days of sales with net credit period of 60 days.

    According to given data

    Sales = $5,420

    Freight = $320

    Sales Amount = $5,420 - $320 = $5,100

    As the payment is made on 12th day after sale which falls in 30 days discount period, so 2% discount will be availed

    Discount = $5,100 x 2% = $102

    Amount of payment = $5,100 - $102 = $4,998
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Maplewood Supply received a $5,420 invoice dated April 15, 2015. The $5,420 included $320 freight. Terms were 3/10, 2/30, n/60. (If more ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers