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

Business Mathematics [1175844]

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.

Step-by-Step

The 'Blue Check Mark' means that this solution was answered by an expert.
Learn more on how do we answer questions.

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

Related Answered Questions

Question: 7.2.3

Find the list price of a Bunn 10-cup Generation home brewer having a series discount of 10/30/20 and a net cost of $60.48. CASE IN POINT ...

Verified Answer:

Use complements to find the percent paid. ...

Question: 7.2.2

Find the list price of a Kohler kitchen sink that has a net cost of $243.20 after trade discounts of 20/20. ...

Verified Answer:

Use a net cost equivalent. Start by finding the pe...

Question: 7.4.7

Dave’s Body and Paint receives an invoice for $1140 dated March 8 that offers terms of 2 / 10 prox. A partial payment of $450 is made on April 5. Find (a) the amount credited for the partial payment, (b) the balance due on the invoice, and (c) the cash discount earned. ...

Verified Answer:

Step 1 Since the payment of $450 was made on April...

Question: 7.4.6

An invoice from Wind Turbines & Solar, Inc., is dated August 5, amounts to $8180, offers terms of 3 / 10-30 x, and is paid on September 12. Find the net payment. ...

Verified Answer:

Step 1 The last day to take the 3% cash discount i...

Question: 7.4.5

An invoice for several drones is dated November 23 with terms of 2 / 10-50 ex. Find (a) the final date on which the cash discount may be taken and (b) the net payment date. ...

Verified Answer:

(a) The discount date is January 22 (7 days remain...

Question: 7.4.4

Find the amount due on a FedEx invoice for $285 with terms of 3 / 10 ROG. The invoice is dated June 8, goods are received on June 18, and the invoice is paid on June 30. ...

Verified Answer:

The last date to take the 3% cash discount is June...

Question: 7.4.3

Best Buy received an invoice dated December 12, with terms of 2 / 10 ROG. The goods were received on January 2. Find (a) the final date on which the cash discount may be taken and (b) the net payment date. ...

Verified Answer:

(a) The discount date is January 12 (10 days after...

Question: 7.4.1

If an invoice from Oster is dated June 10 with terms of 3 / 20 EOM, find (a) the final date on which the cash discount may be taken and (b) the net payment date. ...

Verified Answer:

(a) The discount date is July 20 (20 days after th...

Question: 7.3.4

An invoice from Cellular Products is dated May 18 and offers terms of 4 / 10, 3 / 25, 1 / 40, n / 60. Find (a) the three final dates for each cash discount and (b) the net payment date. ...

Verified Answer:

(a) The three final cash discount dates are 4% if ...

Question: 7.3.3

An invoice for a shipment of Henkels cutlery from Germany is dated October 21 AS OF November 1 with terms of 3 / 15, n / 30. Find (a) the last date on which the cash discount may be taken and (b) the net payment date. ...

Verified Answer:

(a) Beginning with the postdate (AS OF) of Novembe...