Questions from Business Mathematics

Q: An invoice for $2365, dated September 25, has terms

An invoice for $2365, dated September 25, has terms of payment 2/20, n/30. What amount on October 5 will pay the invoice in full?

Q: An invoice for $3868, dated June 26, had terms

An invoice for $3868, dated June 26, had terms 2/10, 1/20, n/45. What amount was credited for: 1. A payment of $1000 on July 5? 2. A payment of $1000 on July 16? 3. A payment of $1000 on August 10?

Q: Contemporary Furnishings received an invoice on April 18 from Palliser Furniture.

Contemporary Furnishings received an invoice on April 18 from Palliser Furniture. The invoice for $18,976.45 was dated April 16 with terms 2/15, 1/30, n/45. 1. What is the balance after a payment of $...

Q: Mayfair Distributors sent Bed ’n Bath an invoice dated December 23 for

Mayfair Distributors sent Bed ’n Bath an invoice dated December 23 for $5344.90 with terms 2/10, 1/20, n/30. The penalty on overdue accounts is 1 1 2 % of the overdue balance. 1. What is the balance a...

Q: Payments of $1000 on January 5 and $800 on January

Payments of $1000 on January 5 and $800 on January 16 were made on a $2500 invoice dated December 27. The terms on the invoice were 4/10, 2/20, n/45. What was the balance owed after the second payment...

Q: On March 25, Hannah received an invoice in the mail from

On March 25, Hannah received an invoice in the mail from Carpet Country for $4235. The invoiced was dated March 22 and had terms 3/15, 1 1 2 /30, n/60. If she made payments of $1000 on each of April 2...

Q: Ristorante Italiano made payments of $5000 on March 29 and $

Ristorante Italiano made payments of $5000 on March 29 and $3000 on April 7 to General Restaurant Supplies on an invoice for $11,870. The invoice was dated March 21 and carried terms of 1 1 2 /10, 1 2...

Q: Northern Outfitters’ invoice to Rico’s Menswear for $2463.80 was

Northern Outfitters’ invoice to Rico’s Menswear for $2463.80 was dated October 22 with terms 2/10, n/30. Late payments are charged a 1% penalty on the overdue balance. Rico made payments of $1000 on O...

Q: A payment of $3000 on a $6000 invoice qualified for

A payment of $3000 on a $6000 invoice qualified for the larger cash discount in 3/10, 1/20, n/30. What additional payment 18 days after the invoice date will settle the invoice?

Q: The Simcoe School Board has three invoices from Johnston Transport, all

The Simcoe School Board has three invoices from Johnston Transport, all with terms 2/10, 1/20, n/60. Invoice 277, dated October 22, is for $14,200; Invoice 327, dated November 2, is for $8600; and Inv...