Question

An invoice dated May 12, terms: 5/10, n/30 for $3000.00 was received by Gilligan’s Funny Hat...

An invoice dated May 12, terms: 5/10, n/30 for $3000.00 was received by Gilligan’s Funny Hat Company. Answer the following questions, showing all of your computations.
a. What is the last day of the discount period?

b. What is the amount due if the invoice is paid on June 5?

c. What is the amount due if the invoice is paid on May 20

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A company received an invoice for $3290.35 dated June 14 with terms 4/15, 3​/30, ​n/60.  ​...
A company received an invoice for $3290.35 dated June 14 with terms 4/15, 3​/30, ​n/60.  ​ (a) If the invoice is paid on June 20 how much is to be​ paid? ​(b) If the invoice is paid on July 11​, how much is to be​ paid? ​(c) If the invoice is paid on August 10, how much is to be​ paid?
An invoice for $6000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the...
An invoice for $6000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3rd. A payment of $3000 is made on September 12th. What is the outstanding balance?    Select one: a. 3000 b. 2955 c. 2940 d. 3060 e. 3045
1. Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5​/20 R.O.G....
1. Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5​/20 R.O.G. for the items listed below. 110 teak trays at ​$35.50 each 20 teak buckets at ​$60.10 each 35 teak salad bowls at ​$54.90 each All items are subject to trade discounts of 31 2/3​%, 6 1/2​%, and 4​%. ​(a) If the shipment was received on April 26​, what is the last day of the discount​ period? ​(b) What is the amount due if the...
Find the amount due on an invoice of ​$1771.40 with terms of 5/15 ROG. The invoice...
Find the amount due on an invoice of ​$1771.40 with terms of 5/15 ROG. The invoice is dated 6/9​, the goods are received 7/2​, and the invoice is paid on 7/13 What is the amount due on the invoice? .
5. What amount must be paid to settle an invoice of $1200.00 dated November 28, terms...
5. What amount must be paid to settle an invoice of $1200.00 dated November 28, terms 3/10, n/30 if the invoice is paid on December 3? A) $1200.00 B) $1236.00 C) $1080.00 D) $1164.00
A manufacturer of women’s blouses quoted terms of 3/10, n/30, EOM and grants trade discounts to...
A manufacturer of women’s blouses quoted terms of 3/10, n/30, EOM and grants trade discounts to in the amounts of 15 percent, 10 percent, and 4 percent. The list price of the blouses is $400 per dozen. A retailer receives an invoice dated October 29 for nine dozens of these blouses. The invoice is paid December 2. What is the net cost to the retailer per blouse? Invoice amount = $400/doz x 9 = $3,600 Dated: October 28th Arrives: November...
In credit terms of 1/10, n/30, the "1" represents the   a. number of days in the...
In credit terms of 1/10, n/30, the "1" represents the   a. number of days in the discount period b. full amount of the invoice c. number of days when the entire amount is due d. percent of the cash discount Merchandise with a sales price of $500 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a   a. debit to Cash for $500 b. Debit to Sales Discounts for $10 c. Credit...
Stacy’s Dress Shop received a $1,080 invoice dated July 11 with 5/10, 4/15, n/60 terms. On...
Stacy’s Dress Shop received a $1,080 invoice dated July 11 with 5/10, 4/15, n/60 terms. On July 25, Stacy’s sent a $245 partial payment. a. What credit should Stacy’s receive? (Round your answer to the nearest cent.)   Credit $    b. What is Stacy’s outstanding balance? (Round your answer to the nearest cent.)   Outstanding balance $    PLEASE SHOW HOW TO WORK IT OUT
Hunter Company purchased inventory with an invoice price of $4,000 and credit terms of 2/10,n/30. Before...
Hunter Company purchased inventory with an invoice price of $4,000 and credit terms of 2/10,n/30. Before settling their account, Hunter received credit from their supplier for inventory returned $200. What is the amount Hunter Company would pay for this inventory if they settle their account within the discount period?
Apr. 18. Received a $50,400, 30-day, 6% note dated April 18 from Glenn Cross on account....
Apr. 18. Received a $50,400, 30-day, 6% note dated April 18 from Glenn Cross on account. 30. Received a $46,200, 60-day, 5% note dated April 30 from Rhoni Melville on account. May 18. The note dated April 18 from Glenn Cross is dishonored, and the customer’s account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is dishonored, and the customer’s account is charged for the note, including interest. Aug. 16. Cash...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT