Question

Complete the following by calculating the cash discount and net amount paid:

Answer 1

Based on the terms of the invoice, the gross amount on the invoice and the date of payment, the cash discount is $19 and the net amount paid is $931.

What is the cash discount?

The terms of the invoice are such that if the person pays within 10 days they get a 3% discount. If they pay in 15 days, they get a 2% discount.

The person paid on the 22nd after buying on the 8th so they qualify for the 2% for paying within 15 days.

The cash discount is:

= 2% x 950

= $19

The net amount paid is:

= 950 - 19

= $931

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