Northern Traders allows 2% cash discount if payment is made within 10 days. Invoice amount is $40,000. State the amount of discount available.
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- A. R. Black, Ltd. has received an invoice for $500 subject to trade discounts 10%, 20%. A cash discount with terms 4/15, n/30 is offered. If A.R. Black pays the bill within the discount period, find the amount paid.The full amount of purchase is P530. If a cash discount of 10% is allowed, find the amount of the cash discount and the net amount to be paid. Round to the nearest centavoPLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:
- Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a partial payment of $16,300.00 during the discount period, calculate the balance of the invoice. $0.00 Round to the nearest cent QuestionsMerchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount period, when collection of cash within the 10 days the credit to accounts receivable will be $You receive an invoice for $17,400 with terms of 3/15, n/60. The supplier has a policy of allowing a cash discount for partial payments and you pay $8,000 within the discount period. Calculate the amount of credit you will receive for this payment.
- An invoice dated April 22 shows a net price of $175.00 with the terms 3/10, n/30. What is the latest date the cash discount is allowed?Kumi Ltd permits its customers to pay with a credit card or to receive a percentage discount x for paying cash. For credit card purchases, the companyreceives 97% of the purchase price one-half month later. Determine the value of x that would make the two payment methods equivalentif the company’s annual rate of return is 14%.4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
- A $7,000, 4%, 120-day note dated March 20 is discounted on July 15. Assuming a 3% discount rate, the bank discount is: Multiple Choice $1.74 $1.77 $93.33 $70.00A supplier grants credit terms of 1/5, net 30. What is the effective annual rate of the discount on a purchase of $5,000?A 90-day, 10% note for $10,000 dated March 15 is received from a customer on account. The face value of the note is: Oa. $10,250. Ob. $9,000. Oc. $9,750. Od. $10,000.
