question archive Jack Williams works in a very active department called purchasing
Jack Williams works in a very active department called purchasing
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Jack Williams works in a very active department called purchasing. He works with store managers, marketing, and supply companies. His job is to have the right product, in the right amount, at the lowest cost, where and when it's needed.With more than 1000 stores, that is a very tough job! Of course, there are others that work with him in the department. In early September, Williams placed an order with one vendor for products having a combined list price of $27,393. The vendor offered trade discounts of 20/10/10. The invoice arrived through the computer system the next day. It was dated September 4, had terms of 3/15 EOM, and showed a shipping charge of $748.38. Find the following. (Questions 9-12) 9. The total amount of the invoice excluding shipping?
Find The net payment date ?
Find The amount necessary to pay the invoice in full on October 11, including the shipping?
Find Suppose that on October 11 the invoice is not paid in full, but a partial payment of $10,000 is made instead. Find the credit given for the partial payment and the balance due on the invoice including shipping?
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Answer:
the total amount of invoice has been calculated by deducting bill amount by its shipping charges and the net payment date is is the date calculated by the given discount data of 3/15.
Step-by-step explanation
1) The total amount of invoice excluding shipping will be
price list = $27393 (price list also includes shipping charge)
shipping charge in invoice = $748.38
hence, total amount excluding invoice = $27393 - $748.38 = $26644.62 (without discount)
2) The net payment date is the date at which the bill has been payed this date is given by the vendor which is 3/15. which means the vendor will give 3% cash discount to the company if it will pay the bill in 15 days. hence, the net payment date can be September 19.
3) The amount necessary to pay in full in October 11 will be (it will not avail any discount because its paying the bill after the payment date). hence, the amount necessary to pay will be $27393
4) If the bill is partially paid with an amount of $10000
So, the credit given for the partial payment excluding shipping = $26644.62 - $10000 = $16644.62
and the balance due in the invoice including shipping will be = $16644.62 + $748.38 = $17393
