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Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount) Gross amount of invoice (freight charge already included) $ 800 Freight charge None Date of invoice 8/17 Terms of invoice 3/10, 1/15, n/30 Date of payment 8/29 Cash discount Net amount paid

Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount) Gross amount of invoice (freight charge already included) $ 800 Freight charge None Date of invoice 8/17 Terms of invoice 3/10, 1/15, n/30 Date of payment 8/29 Cash discount Net amount paid

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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**Invoice Payment Calculation Exercise** Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) | **Gross amount of invoice** (freight charge already included) | **Freight charge** | **Date of invoice** | **Terms of invoice** | **Date of payment** | **Cash discount** | **Net amount paid** | | --- | --- | --- | --- | --- | --- | --- | | $800 | None | 8/17 | 3/10, 1/15, n/30 | 8/29 | | | **Instructions:** 1. **Gross Amount of Invoice**: The total cost including the freight charge (which is noted as 'None' here) is $800. 2. **Freight Charge**: There is no additional freight charge included in this invoice. 3. **Date of Invoice**: The invoice date is 8/17. 4. **Terms of Invoice**: - 3/10: 3% discount if paid within 10 days. - 1/15: 1% discount if paid within 15 days. - n/30: Net amount due within 30 days without any discount. 5. **Date of Payment**: The payment is made on 8/29. 6. **Cash Discount**: Calculate the applicable cash discount based on the terms and the date of payment. 7. **Net Amount Paid**: Determine the final amount after applying the cash discount. **Steps to Solve:** - Check the payment date (8/29) against the terms of the invoice. - Determine if the payment qualifies for the 3% or 1% discount. - Calculate the discount and subtract it from the gross amount to find the net amount paid.
Transcribed Image Text:**Invoice Payment Calculation Exercise** Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) | **Gross amount of invoice** (freight charge already included) | **Freight charge** | **Date of invoice** | **Terms of invoice** | **Date of payment** | **Cash discount** | **Net amount paid** | | --- | --- | --- | --- | --- | --- | --- | | $800 | None | 8/17 | 3/10, 1/15, n/30 | 8/29 | | | **Instructions:** 1. **Gross Amount of Invoice**: The total cost including the freight charge (which is noted as 'None' here) is $800. 2. **Freight Charge**: There is no additional freight charge included in this invoice. 3. **Date of Invoice**: The invoice date is 8/17. 4. **Terms of Invoice**: - 3/10: 3% discount if paid within 10 days. - 1/15: 1% discount if paid within 15 days. - n/30: Net amount due within 30 days without any discount. 5. **Date of Payment**: The payment is made on 8/29. 6. **Cash Discount**: Calculate the applicable cash discount based on the terms and the date of payment. 7. **Net Amount Paid**: Determine the final amount after applying the cash discount. **Steps to Solve:** - Check the payment date (8/29) against the terms of the invoice. - Determine if the payment qualifies for the 3% or 1% discount. - Calculate the discount and subtract it from the gross amount to find the net amount paid.
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