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Question 7.4.2: Find the amount due on an invoice of $782 for some Black and......

Find the amount due on an invoice of $782 for some Black and Decker Belgian waffle makers dated August 3, if terms are 1 / 10 prox. and the invoice is paid on September 4.

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The discount may be taken up to ten days after the end of August, or until September 10. The discount is earned, since the payment date of September 4 falls before September 10.

Amount due = Invoice amount – Cash discount

                                     = $782                      –   .01 × $782

                                     = $774.18

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