Asked by Shannon Michaud on Jun 22, 2024
Verified
Find the discount date, the due date, and the complement rate. Use the complement method to find the remittance if the required remittance is paid within the discount period.Connie Chu bought some new office equipment from a dealer who offered a cash discount of 1.5/30, net 45. The invoice was dated July 20, totaled $2,652.40 and included $86 for freight.
Cash Discount
A reduction in the price of goods or services offered to a buyer in order to encourage prompt payment.
Complement Rate
A term not recognized as a standard financial or mathematical key term, potentially an incorrect or niche terminology.
Discount Date
A specified date when a discount is applied to a payment, reducing the amount owed if payment is made by this date.
- Familiarize oneself with the notion of cash discounts and their utilization in invoice processing.
- Assess the value of the cash discount for early settlement.
- Identify the reduction in price and schedule for payment deadlines on bills according to agreed-upon conditions.
Verified Answer
AN
Learning Objectives
- Familiarize oneself with the notion of cash discounts and their utilization in invoice processing.
- Assess the value of the cash discount for early settlement.
- Identify the reduction in price and schedule for payment deadlines on bills according to agreed-upon conditions.
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