Global Traders sold goods worth $30,000 to a customer on credit terms of 2/10, net 30. How much discount will the customer receive if they pay within 10 days? • What is the net amount payable after the discount?
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What is the net income payable after the discount
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- merchant receives an invoice for $8000 with terms 2/10, n/50. What is the maximum interest rate that the merchant could borrow money at to take advantage of the discount? a 18.25% b 14.90 % € 18.62% d 14.60%A trade credit bill of $80,000 with terms of sale of 2/5, net 30 means the buyer saves if the bill is paid within the discount period A:1600 How much discount will a buyer receive if the buyer pays a trade credit bill of $60,000 with terms of sale of 2/5, net 30 on the net due date? A: 0A $10,000 credit supply has the following terms: trade terms are 5/5 net 50, interest rate 8%. What is the amount to pay if the buyer will take the discount and pay on the 5th day of the invoice? A. -14.234 B. -14,250 C. -14.260 D. -14,230
- If a firm buys on terms of 3/15, net 45, but actually pays on the 20th day and still takes the discount, what is the nominal cost of its nonfree trade credit? Does it receive more or less credit than it would if it paid within 15 days?A merchant sells a product on credit for S/ 50,000 and offers to pay it to a client in three bills of equal nominal value and with maturities at 45, 75 and 105 days respectively, applying on them an APR of 30% with bimonthly capitalization. If this merchant plans to discount the bills in a bank 15 days after the sale is made, being the effective discount rate 2% per month, find: 1. The face value of the bills.2. The net cash value received on discounting the bills.3. Calculate the discount.Provide solution for this question
- Now look at an example on the Payee’s books: Nov 1: We sell our product on account $1000 terms net 30 days: Accounts Receivable 1000 Sales 1000 Dec 1: The customer is unable to pay so we request a promissory note since it is a stronger legal claim and we can earn interest. Suppose the note is a 6%, 90- day note. We are receiving a note on account. This means we are replacing the accounts receivable with a note receivable. Notes Receivable 1000 Accounts Receivable 1000 received a note on account Dec 31: Adjusting Entry. We must recognize the 30 days of interest since December 1. Simple interest is calculated Principal x Rate x Time = 1000 x .06 x 90/360 = $15. That is the interest for 90 days. Since we only want 30 days 30/90 x 15 = 5 Interest Receivable 5 Interest Revenue 5 Dec 31: Closing entry. Interest Revenue 5 Debit Income Summary 5 Credit The due date of the note is 90 days from December 1. We do not count December1 and we are assuming we are not going into a leap year.…Given credit terms of 2/25, n/30 on a sale of $1,500, in how many days must the invoice be paid to take advantage of the discount? 30 C) 15 D) 25Based on the following information, how much is the amount that would be paid on May 30? Invoice Date = May 21 List Price = P90,000 Trade Discounts = 10%-5% Credit Terms = 2/10, n/30
- Company X sells on a 2/10, net 90, basis. Company Y buys goods with an invoice of $1,500. a. How much can company Y deduct from the bill if it pays on day 10? Note: Do not round intermediate calculations. b. How many extra days of credit can company Y receive if it passes up the cash discount? c. What is the effective annual rate of interest if Y pays on the due date rather than day 10? Note: Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. a. Discount b. Number of days c. Effective annual rate $ 75 80 days %A store will give you a 3.75% discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in 1 month. What is the implicit borrowing rate being paid by customers who chose to defer payment for the month?Need help with C only Company X sells on a 1/15, net 60, basis. Company Y buys goods with an invoice of $1,500. a. How much can company Y deduct from the bill if it pays on day 15? (Do not round intermediate calculations.) $15 b. How many extra days of credit can company Y receive if it passes up the cash discount? 45 days c. What is the effective annual rate of interest if Y pays on the due date rather than day 15? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) ???
