Question: 1. Smith Co. has received an invoice dated June 5 for 10 surfboards with a list price of $2,500 each, and for freight of $250.

1. Smith Co. has received an invoice dated June 5 for 10 surfboards with a list price of $2,500 each, and for freight of $250. The terms were: Trade items: List less 15% and 5%. Payment terms 3/10, 2/20, n/30 (June has 30 days) (a) What is the last day the invoice can be paid and how much should be paid? [2 marks]

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