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I have a few that i can't figure out. They are as follows:

An invoice dated January 15 for merchandise you bought added up to $876. The terms were 3/10, n/60, f.o.b. shipping point. When the goods arrived, you paid freight amounting to $8.50. On January 20 you returned goods billed at $26, and received credit therefore. You paid the bill on January 24. The amount of your check was...

Choices:
815.22
816.00
824.50
850.00

An invoice dated June 6 has the terms 3/5, 2/30, n/60. What is the last day that the retailer can take advantage of the 3% discount?
Choices
June 9
June 11
June 30
July 6

An invoice for $355.75 is dated April 21 and has terms of 4/10, 1/30, n/60. What amount of money is needed to pay this invoice on May 1?
Choices:
320.18
341.52
352.19
355.75

What amount of money is necessary to pay a bill for $658, dated September 21, terms of 3/15, n/60, if it is paid within 15 days of the date of invoice?
Choices
$263.20
$559.30
$638.26
$658.00

2007-12-19 23:27:00 · 2 answers · asked by beotch1231 1 in Business & Finance Other - Business & Finance

Please copy/paste questions and type the answers after them. Thanks in advance. Also, i am not taking this class. it is a preliminary round for a contest that i need help with. The teachers wont help me. They say ask the internet, siblings, parents, or books. So please help me. This is a 12th grade course and i'm only in 10th grade.

2007-12-19 23:27:26 · update #1

2 answers

An invoice dated January 15 for merchandise you bought added up to $876. The terms were 3/10, n/60, f.o.b. shipping point. When the goods arrived, you paid freight amounting to $8.50. On January 20 you returned goods billed at $26, and received credit therefore. You paid the bill on January 24. The amount of your check was...
Answer : $824.50
You paid freight in cash. The freight bill is outside of the invoice of $876. You returned goods worth $26, so the bal. payable was $850. You paid on Jan 24 (within 10 days), so you get a 3% discount, i.e. you pay $824.50.

An invoice dated June 6 has the terms 3/5, 2/30, n/60. What is the last day that the retailer can take advantage of the 3% discount?
Answer: June 11
You get the 3% discount if paid within 5 days. June 6 plus 5 days = June 11.

An invoice for $355.75 is dated April 21 and has terms of 4/10, 1/30, n/60. What amount of money is needed to pay this invoice on May 1?
Answer: $341.52
May 1 is 10 days from April 21 and you get the 4% discount, so you pay $341.52.

What amount of money is necessary to pay a bill for $658, dated September 21, terms of 3/15, n/60, if it is paid within 15 days of the date of invoice?
Answer : $638.26
If paid within 15 days you get 3% off, so you pay $638.26.

2007-12-19 23:48:10 · answer #1 · answered by Sandy 7 · 0 0

Your homework should be done by you

2007-12-20 07:39:26 · answer #2 · answered by Anonymous · 0 0

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