Quiz 4 v1

.pdf
OPMT 1110 Quiz 4 Mark: /12 Last Name: ____________________First Name:______________________ Set:_______ Amount to pay = Credit given × (1 − d) Credit given = Amount paid 1 − d A retailer received two invoices from the same supplier with payment terms 2/10, 1/20, n/30. The first invoice for $65,000 is dated Sept 2, and the second one for $85,000 is dated Sept 10. (a) On Sept 20, they sent in a cheque for $100,000. After paying off the Sept 2 invoice, how much of the $100,000 cheque is left to use towards paying the second invoice? [4 marks] ANSWER: (b) How much of the Sept 20 payment will be credited towards the Sept 10 invoice if the supplier allows cash discounts on partial payments? How much do they still owe after this payment? [5 marks] Credit Given: Owe: (c) On Sept 29, they sent in a second cheque to fully pay off the Sept 10 invoice. What is the amount of the second cheque? [3 marks] ANSWER:
Uploaded by GeneralFogGiraffe35 on coursehero.com