Export Ltd

question 17

Essay

Export Ltd. received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for:
10 wood trays at $37.45 each;
35 wood planters at $43.75 each;
50 wood bowls at $37.25 each.
All items are subject to trade discounts of 33.5%, 7.125%, 4%.
a) What is the last day of the discount period?
b) What is the amount due if the invoice is paid in full on September 6?
c) If only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $1500.00?

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Definitions:

Yayoi Period

A period in Japanese history from about 300 BCE to 300 CE, characterized by the introduction of rice farming, metallurgy, and new pottery techniques.

Korea

A country in East Asia, located on the Korean Peninsula, known for its rich history and cultural heritage.

China

A country in East Asia, the world's most populous nation, with a rich history that includes the development of one of the earliest civilizations.

Ise Shrine

A Shinto shrine complex in Japan that is considered one of the holiest sites in Shinto religion, known for its tradition of rebuilding every 20 years.