Question

A distributor has received an invoice of $13,190 dated April 12, terms 6/20, n/30 EOM, for a

Answer 1

The  last day for taking the cash discount is May 5  and discount is taken is: $12,398.6.

Cash discount

Since the invoice was dated April 12, the last day for taking the cash discount is May 5.

Cash discount

Using this formula

Amount paid =Invoice amount × (1-rate)

Let plug in the formula

Amount paid=$13,190 ×(1-6%)

Amount paid=$13,190×0.94

Amount paid=$12,398.6

Therefore the  last day for taking the cash discount is May 5 and the amount to be paid is: $12,398.6.

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