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Author Question: Describe how to find the invoice price of an item that is subject to a discount ... (Read 60 times)

ARLKQ

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on: Jun 24, 2018
Describe how to find the invoice price of an item that is subject to a discount series.

Question 2

An invoice for 1,500 dated December 14 has terms of sale of 3/10, 2/20, n/30. What is the amount of the cash discount and cash price if the invoice is paid on December 28?


helenmarkerine

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Reply #1 on: Jun 24, 2018
Answer to Question 1

The first discount is calculated based on the list price of the item. Then the second discount is based on the remainder after deducting the first discount. The third discount is based on the remainder after deducting the second discount, and so on.

Answer to Question 2

30, 1,470


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