Asked by Jordan Jeyachandran on Apr 25, 2024
Verified
When Rupert's Sandwich Shop received an invoice from Cozzini for $2,550 worth of boneless hams and turkey breasts, it included the following phrase: 1/10 net 30. If the meat was purchased on September 17 and the shop owner wants to pay the bill on September 30, how much should the owner make the check out for?
Net 30
A payment term indicating that the full payment is due 30 days from the invoice date or delivery of service/product.
Invoice
A document issued by a seller to a buyer that lists the products or services provided and the amount due for payment.
- Gain an understanding of the critical role and calculation process of discounts and markups within sales activities.
Verified Answer
UN
Ursula Nunez7 days ago
Final Answer :
He has to pay the full amount of $2,550, as he has missed the cash discount period of 10 days.
Learning Objectives
- Gain an understanding of the critical role and calculation process of discounts and markups within sales activities.