On August 6, A&B Construction Has Three Outstanding Invoices Payable

question 204

Short Answer

On August 6, A&B Construction has three outstanding invoices payable to Excel Builder's Supply. Invoice 535, dated July 16, is for $3,228.56; Invoice 598, dated July 24, is for $2,945.31; and Invoice 678, dated August 3, is for $6217.69. All invoices have terms 4/10, 2/20, n/60. If A&B makes a $10,000 payment to Excel on August 6, what further payment on August 15 will settle the account? Note that Excel applies payments to the oldest invoices first.

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Definitions:

Role expectations

The anticipated behaviors and actions associated with a particular social position or status.

Lifecycles

The series of changes in the life of an organism, including birth, growth, reproduction, and death.

Nuclear Family Myth

The misconception that a family consisting only of parents and their biological or adopted children is the most common or only valid family structure.

Instant Love Myth

The false belief that love occurs spontaneously and immediately, without the gradual development of emotional attachment and intimacy.