Reference no: EM132640718

Questions -

Q1) Jim Havey receives an invoice amounting to $2916 with a cash discount term of 3/10,n/30, and dated June 7. If a partial payment of $1,666 is made on June 15, find the credit given for the partial payment and the balance due on the invoice.

Q2) An invoice of RM5,000 dated August 23 2019 is offered a 12% cash discount and cash discount terms of 4/10, n/30. Find the

(a) Trade discount offered

(b) Cash discount offered

(c) Net payment if the invoice is paid on 2 September 2019

Q3) A retailer receives an invoice dated 21 February 2019 worth of RM4,350 of goods that included a prepaid freight cost of RM30. The invoice was offered trade discounts of 8% and 5% and cash discount terms of 4/15,2/20,n/30.

(a) Find the last date to settle the invoice.

(b) Assume the retailer paid RM400 on 7 March 2019 and the balance on 14 March 2019. Find the amount of the balance that was paid.

Q4) An invoice of RM2,500 dated 20 February 2019 has cash discount terms of 5/10,n/30.

(a) What is the last day to pay in order to receive the 5% cash discount?.

(b) Find the net payment if the invoice was settled on 1 March 2019.

Q5) A company received an invoice dated 25 January 2020 for the purchase of an item. The invoice offered a trade discount of 20% and cash discount terms of 2/15, n/30. On 2 February 2020, the company paid RM1190 including transport cost of RM14 to settle the invoice. What was the list price of the item?