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The Scientific Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30, n/90, for...

The Scientific Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30,
n/90, for a shipment of skis. Calculate the partial payments made 20 July to reduce the
balance to $4000.00 Round to nearest 100th.

Written please.

Solutions

Expert Solution

On July 20 ,Reduction in accounts payable amounts to Amount due- Amount at end

                                                  = 6710 -4000

                                                 = 2710

The quote 5/10 represent if payment is made within 10 days ,discount of 5% is available.Since payment is made within 10 days (July 13 +10 days ),Discount of 5% is available on partial payment .

Partial payment = Reduction in accounts payable (1-discount %)

                    = 2710 (1-.05)

                   = 2710 *.95

                   = $ 2574.50

jeff jeffy answered 5 hours ago
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