Ken Bennett received an invoice dated March 9, with terms 2/10, n/30, amounting to $540. He paid the bill on March 12.

1. How much was the cash discount?

2. What is the net amount Ken will pay?

 
B. Chloe Duke is an accounts payable office for her company and mist calculate cash discounts before paying invoices. She is paying bills on June 18 and has an invoice dated June 12 with terms 3/10, n/30.

1. If the net price of the invoice is $1,296.45, how much cash discount can Chloe take?

2. What is the net amount Chloe will need to pay?

C. Isabella Riddle gets an invoice for $450 with terms 4/10, 1/15, n/30.

1. How much would Isabella pay 15 days after the invoice date?


D. Greg Graber received an invoice for a leaf blower for $493 dated April 15 with sales terms of 3/10 EOM. How much should he pay if he pays the bill on May 4?

E. Clordia Patterson-Nathanial handles all accounts payable for her company. She has a bill for $730 and plans to make a partial payment of $400 within the discount period. If the terms of the transaction were 3/10, n/30, find the amount credited to the account and find the outstanding balance.

F. Elizabeth Anne Smith has been directed to pay all invoices in time to receive any discounts offered by vendors. However, she has an invoice with terms of 2/10, n/30 for $2,983 and the fund for accounts payable has a balance of $2,196.83. So she elects to pay $2,000 on the invoice within the 10-day discount period and the remainder within the 30-day period. How much should be credited to the account for the $2,000 payment and how much remains to be paid?

Answer rating: 100% (QA)

A The cash discount is calculated as 2 of the invoice amount Cash discount 2 of 540 002 540 1080 The net amount Ken will pay is the invoice amount min... View the full answer