Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. george received an invoice for $5,000 that had pay

George received an invoice for $5,000 that had payment terms of 3/5 n/30. She made...

80.2K

Verified Solution

Question

Accounting

image

George received an invoice for $5,000 that had payment terms of 3/5 n/30. She made a partial payment of $2,500 during the discount period.

a. Calculate the amount credited. Round to the nearest cent

b. Calculate the balance on the invoice after the partial payment was made. Round to the nearest cent

Calculate the missing values and express your answers rounded to two decimal places. Cost Amount of Markup Selling Price Rate of Markup on Cost Rate of Markup on Selling Price a. $0.00 $0.00 $300.00 25.00% 0.00 % b. $66.00 $0.00 $0.00 0.00 % 26.00%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Using what you know about stem cells and cell differentiation, explain HOW bone marrow cells can...

Biology
Q

A mixture initially contains A, B, and C in the following concentrations: [A] = 0.400M ,...

Chemistry
Q

2 cylinders are connected by a horizontal tube at the bottom of each cylinder. Cylinder A...

Physics
Q

what do you understand by parttion values? write a short note on the role of parttion...

Advance Math
Q

at will be process electron atom of r s model o be true f electron...

Physics
Q

13 On closing the switch S the amount of charge flows from A to B...

Physics
Q

Very Fancy Foods hires homeless workers from the local church and the area shelters to...

Accounting
Q

Record the following transactions of Alamak Enterprise for the month of February into the ledger,...

Accounting
Q

Kristen Lu purchased a used automobile for $8,350 at the beginning of last year and...

Accounting
Q

A stock has a beta of 1.6. The current risk-free rate is 2.5% and the...

Finance
Q

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages....

Accounting
Q

DuPont ROE analysis takes a simple ratio (Net Income / Equity) and expands it out...

Finance