Mayberry Farms purchased supplies at a net cost of $2,865.22 after a series discount of 15/12/14. Find the list price.
Find the final discount date and the net payment date for each of the following.
Invoice Date |
Terms |
Final Discount Date |
Net Payment Date |
16. May 5 |
4/15, n45 |
||
17. December 5 |
2/10, EOM |
||
18. September 1 |
3/20, ROG Received Goods Oct. 3 |
||
19. February 11 |
2/10-60, Extra |
1 | Let the list price be X | |||
X - 0.15X - 0.12(0.85X) - 0.14(0.748X) = $2,865.22 | ||||
X - 0.15X - 0.102X - 0.10472X = $2,865.22 | ||||
0.64328X = $2,865.22 | ||||
X = $4,454.08 or $4,454 | ||||
2 | ||||
Invoice Date | Terms | Final Discount Date | Net Payment Date | |
May 5 | 4/15, n45 | May 20 | June 19 | |
December 5 | 2/10, EOM | December 15 | December 31 | |
September 1 | 3/20,
ROG Received Goods Oct. 3 |
October 23 | October 23 | |
February 11 | 2/10-60, Extra | April 22 | April 22 | |
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