Computing net invoice amounts LO P1Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise(gross) Terms Paymenta. $7,800 2/10, n/60 b. 24.200 1/15, EOM c. 80,600 1/10, n/30 d. 17,000 3/15, n/45

Computation of Net Invoice Amounts to be Paid:

Merchandise(gross)  Terms Payment    Discounts             Net Invoice $

a. $7,800                   2/10, n/60             $156 ($7,800*2%)       $7,644

b. 24.200                  1/15, EOM               242 ($24,200*1%)      23,958

c. 80,600                  1/10, n/30               806 ($80,600*1%)       79,794

d. 17,000                  3/15, n/45               510 ($17,000*3%)        16,490

Explanation:

a) Data:

Merchandise(gross)  Terms Payment

a. $7,800                       2/10, n/60

b. 24.200                       1/15, EOM

c. 80,600                       1/10, n/30

d. 17,000                       3/15, n/45

Calculations:

Merchandise(gross)  Terms Payment    Discounts             Net Invoice $

a. $7,800                   2/10, n/60             $156 ($7,800*2%)       $7,644

b. 24.200                  1/15, EOM               242 ($24,200*1%)      23,958

c. 80,600                  1/10, n/30               806 ($80,600*1%)       79,794

d. 17,000                  3/15, n/45               510 ($17,000*3%)        16,490

c is the correct answer.

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